stephanie, one difference. it s working more for the wealthy and the 1% than it ever has in decades. and that s a dangerous reality. here s the problem. i would happily ensure that the wealthy pay their fair share in taxes. that s controlled by our state government and our federal government. you give me the power to do it, we ll do it. but let me tell you something, if we have national legislation to take back, repeal those trump tax cuts for the wealthy and corporations, put that money back in the hands of working people, through things like an infrastructure plan, that s how you change this country. if it s national, then you don t have one locality fighting each other over tax levels. the other thing i want to be very blunt about, to your point, there are some rich people looking for lower tax jurisdictions. we ve also seen a net gain in millionaires in this city and people actually want to be here and paying their taxes loyally. so i would say to you, this is a national problem
countries with the lowest tax levels of body uki so we prefer the law this is a political issue and we want this money to be given back to the public authorities to be used for the common good. or do we continue to allow our state s fiscal revenue to be siphoned off by multinationals so it s a global issue the song up and it. has been known i had come a long way a simple fruit had led to an economic empire which became the forerunner of a modern day multinational. you leave in his nineteen zero four novel cabbages and kings the american writer henry described a fictional state controlled by a fruit company and creative expression republic. united
technological advantage it had the money these places wanted them and the deal was very little taxes. in our age tax avoidance or tax planning as it as it s called in business schools has become a central feature of business globally and that s a quite different situation from when you know developing fragile states in the one nine hundred centuries were offering low tax low taxes now it s the core of business. a multinational can easily avoid fiscal legislation in the sovereign states where it operates by using a method which is well known today transfer of prices where profits show up in the countries with the lowest tax levels of. proof that this is a political issue we want this money to be given back to the public authorities to
happening all year long, right? gerri willis with more. that s right. let s start with those prop temperature taxes. you re right. there s a rush on to prepare property taxes, especially in the blue states with high tax levels. let s give you an example here. in new jersey, the average annual property tax, 21,720. imagine that the deduction allowed on the tax return, $10,000. so you see a lot of folks out there out of pocket. nervous. worried. asking for help. now expecting the new jersey governor to issue an executive order that would allow them to prepare ahead of time the taxes before the year ends. also happening in new york stay as well. so lots of concerns about that. rich: what about the santa claus rally. is it going to happen? let me tell you what the santa claus rally is. it s 76% of the time there s a
taxpayers will take advantage of the double exemption and basically not itemize any more. the white house or the gop would make the argument it won t be so difficult to file this year because of exactly what you re saying, doubling that standard deduction, just taking that increased child care credit, boom, taxes are done. it shouldn t be so difficult. that s the argument they ll make. right, but it will adversely affect those who live in high tax states or those for years who have been taking deductions for mortgage interest or state or federal taxes. they will be negatively impacted or surprised. we ve heard the governments from these higher tax states are trying to figure out ways not to lose their highest taxpayers. the new york and new jersey high taxpayers, governors are worried they ll take off and move to florida because of some of these deductions. what do you know about that? is it possible that the states can figure out some loopholes around this? well, the states ha