Rich New Yorkers are getting hit hard with record tax bills — unquestionably among the nation’s steepest, according to tax preparers and planners.

The tab is so high that analysts see the tax shock propelling the flight of wealthy New York residents to states with lower taxes, and a much cheaper cost of living.

“Many are selling securities in order to pay their tax bill,” John Graziano, an accountant and financial planner who handles returns for numerous New York City residents. “Some have discussed moving to a so-called lower-tax state.”

And while none of his tax-choked clients have yet loaded up the moving truck, many are mulling whether purchasing a second home in Florida now makes financial sense, as the reality of local and federal laws finally take a deeper bite. Last year was the first full year of the federal tax reform, which limited state and local tax deductions, or SALT, to a $10,000 maximum.

“A self-employed New York City businessperson client who earned about $1 million in 2018 now owes the Federal government $48,000 more this year than last,” Graziano told The Post. “Those who were getting $5,000 to $10,000 back are now getting less than $5,000.”

Other preparers report similar large surges in tax bills for rich Gotham clients filing their returns this year on 2018 income. And while some middle-class residents may be ahead when their previous 2018 tax payments on salary and the like are factored, many preparers are not holding their breath.

“A lot of otherwise well-off people who were used to getting $4,000 to $5,000 back, are now scrambling to pay their tax bill,” said financial adviser Gary Schwartz of Madison Planning Group. “They’re tapping savings and/or borrowing from wherever they can.”

By contrast, taxpayers in a nationwide survey — likely underlining the stark regional differences in taxation outcomes by state — are sounding almost chirpy.

Of the 74 percent of US adults who’ve filed taxes in 2019, 2 in 5 are “happy with the outcome,” and an additional 25 percent “are neither happy nor unhappy,” according to the survey by the National Endowment for Financial Education (NEFE). Thirty-three percent are “unhappy.”

“The results don’t seem to align with what we’ve been hearing anecdotally about people’s feelings of filing taxes under the new tax law,” said Billy Hensley, president and CEO of NEFE. “Despite a perceived unhappiness, the good news is the largest proportion of people say they’re satisfied with their tax filing outcome,” he added. “More good news is that people continue to report they are doing positive things with their refunds, like building savings and paying down debt.”

According to the NEFE survey, a mere 7 percent of filers paid more on their federal taxes this year than they typically paid in the past.

Put many New York City and State residents in the unhappy category. “Since the tax code was changed so quickly, many were caught off-guard and are complaining that their taxes are subsidizing corporations,” said Schwartz. “It’s a double whammy when you factor in the impact of the SALT cap.”

Original Article

Cannes (France) (AFP) – Channing Powell, the creator of the hit horror television series “The Walking Dead”, is not someone who is easily spooked.

But Powell is scared, “terrified actually” of what big tech might be up to.

And critics were too after watching her spine-chilling new series, “The Feed”, premiere in Cannes this week.

The Amazon show is set in the near future when we can share emotions, thoughts and what we see with our eyes on a social network embedded in our brains.

If that sounds as far fetched as the post-apocalyptic zombies of “The Walking Dead”, Powell has news for you.

“Elon Musk and Facebook are already trying to develop the technology portrayed in the show,” she told AFP at the Canneseries festival in the French Riviera resort.

The Tesla boss and sometime Twitter warrior “is developing a neuro lace (computer) that covers the entire brain that you would control with thought,” Powell said.

“Facebook has been working on something similar in some place called ‘Building 8’ where it has all its secret projects.”

Both are very quiet about what precisely they are doing, said Powell.

– Chips controlled by thought –

However, “people at MIT have already created something you can attach to your ear that is controlled by thought.

“It can tell you the time and how much groceries are when you walk through the aisles of a supermarket,” she added.

“The Feed” — which will screen later this year — is based on Nick Clark Windo’s 2018 novel of the same name.

Told from inside the fabulously wealthy family who invented “The Feed” and now effectively control the world, the story doesn’t end well.

Given what we have learned about the harvesting and misuse of personal data from the Cambridge Analytica scandal, and how Google can seem to predict our needs before we search for it on our smartphone, that should not be too surprising.

“We have seen dystopian shows before but never like this,” Powell insisted, who cast British actor David Thewlis as the tech guru patriarch of the seemingly well-meaning clan.

“It was a very realistic portrayal of what happens when we let technology control us — and we are heading in that direction.

“We cannot let go of our iPhones, we need to check Instagram every hour or minute. The notion that you would put something inside your head is really frightening to me,” the 39-year-old said.

– ‘Terrifying’ –

But it is where tech companies are going, she insisted, the next logical step from Google’s smart glasses.

Powell said workers in some companies in Belgium and Sweden already have chips implanted in their bodies.

“What is happening around us right now is so scary. When somebody like Elon Musk (a radical libertarian) — who is inside this — is telling the government, ‘You need to regulate us, and stop us from doing what we are doing’, that is terrifying. Because he knows way more than we know,” she said.

Paranoia about new technology is nothing new, Powell admitted, dating back beyond the Industrial Revolution.

But what we are living through now, and with little or no regulation to hold tech companies back, is of a different order, she argued.

“Technology has brought us so much…. but there are also these negative undertones to it. Facebook is watching you and selling your information. They own Instagram and WhatsApp, and (Amazon’s) Alexa is in every room of your house. Siri can pop up on your phone when you didn’t even call her. You cannot ignore that side of it.”

Set in England, “The Feed” has British actor Guy Burnet play Thewlis’ psychologist son and Nina Toussaint-White his daughter-in-law.

Burnet told AFP that the series’ vision of the near future “was far from crazy… and it is amazing it hasn’t been done before” when you see Beijing’s plans for its social credit system.

From next year all Chinese citizens will be ranked and either punished or rewarded according to their “social credit” score.

“I think we’re not on the precipice, we may have already passed it,” the actor warned.

In “The Feed”, a handful of people control the code on which the world relies, and it is they, said Powell, who get to decide what the public need to know.

“Which is effectively where we are now” in the real world too, the writer warned.

Original Article

The NYC Council announced that they just passed bills prohibiting marijuana testing being required as part of the hiring process in New York City, and banning the City from requiring marijuana testing for people on probation.

‘This bill will close one trap door that trips people up,” said the council’s Public Safety Committee chair Donovan Richards. “Too many people come out, they are trying to do better, and they get busted for marijuana and go back into jail or prison. This sets them back.”

The city conducts hundreds of such tests each year.