Taxes

A candidate for New York City mayor and one of the highest-ranking Black executives on Wall Street hinted this week that he supports raising taxes on the state's wealthy residents.

Under the terms of the proposed settlement, an independent monitor would be appointed that would have the authority to investigate possible fraud and corruption within the UAW and to seek discipline against the union's officers and its roughly 400,000 members before an independent ethics officer or the UAW Trial Committee.

In a letter sent to Gov. Andrew Cuomo, a Democrat, and the state's legislative leaders, 50 economists wrote that a wealth tax could be New York's "saving grace" as it grapples with a $14.5 billion pandemic-induced budget deficit.

While the jobless rate has declined since hitting a record high in April, millions of Americans are still out of work and have grown reliant on unemployment benefits to cover their bills. But it's these same workers who may be in for a very unpleasant surprise when they sit down to file their 2020 taxes next year.

There are, for sure, important nontax reasons for artists to cash in when they may have been reluctant before. Concert revenue has dropped sharply during the pandemic and prices for music rights are rising, now at 10 to 20 times the annual royalties.

The three-term Democratic governor said increases would be “dramatic” without additional federal funding.

One in 10 Americans had never heard of a Form W-4.