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De Blasio Releases Tax Returns; Paid Effective 8.3% Rate
Mayor Bill de Blasio is the first New York City mayor to release his tax returns in 12 years, according to the WSJ. de Blasio earned $165,000 as public advocate last year and brought in an additional $52,000 in rent on a second home he owns in Park Slope, according to his 2013 tax returns. Mr. de Blasio’s effective tax rate was 8.3%.
As WSJ reports, Mr. de Blasio’s predecessor, Michael Bloomberg, a billionaire who served as mayor from 2002 through 2013, released highly redacted copies of his return that gave scant information about his net worth.
In 2001, during Mr. Bloomberg’s first campaign for mayor, he lost his temper on the steps of City Hall when pressed by a reporter about why he was refusing to release his returns when his opponents had released their IRS filings.
“That’s fine,” Mr. Bloomberg snapped. “They don’t make anything.”
Which means, Mr. de Blasio is the first city mayor in 12 years to release a full copy of his tax returns.
New York City Mayor Bill de Blasio and first lady Chirlane McCray reported $165,047 in total income last year, according to a copy of their joint tax return released on Tuesday.
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Mr. de Blasio’s effective tax rate was 8.3%.
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The federal and state filings, released by his aides on Tuesday afternoon, show de Blasio and his wife, Chirlane McCray, reported receiving $52,000 in rent last year on the property where his mother lived before her death.
Despite their earnings, they reported taking a $6,493 loss on the home, because they paid $28,758 in mortgage and said the home depreciated by $21,547, according to tax code.
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According to the return, the city’s first couple reported $5,597 in gifts to charity, roughly 3% of their total income.
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Based on the above commentary, it's pretty clear that most of you either live overseas or don't file tax returns which based on all the anti-americanism at this site really isn't that surprising.
If I paid 8% -- shit, if I paid 18% -- on my six-figure income, I'd be in jail.
Sure seek, why don't you recreate Bill D's return and see if you can come up with an 18% rate for him?
hang this fucking nazi!!!!!!!!!!!!!!!!!!
Come on now! He paid everything he was expected to pay. Would YOU pay more?
Folks, when you become a important Mayor you then can take advantage of the Major Mayor Tax Credit. See, none of this is wrong or illegal. It is just the tax code so it is fair ("by definition").
(IRS Major Mayor Tax Credit (MMTC): The Major Mayor Tax Credit is a tax credit for certain people who work as Mayors of politically well connected cities and municipalities and these individuals have contributed large amounts of unmarked bills to either Republican or Democratic coffers or both. A Major Mayor Tax Credit usually means that you have no more worries in life other than collecting large bags of cash from wealthy interests and providing services in like-kind and important Mayors will be given a high paying "job" or high paying speaker's fees whenthey leave office. The MMTC reduces the amount of tax you owe to the point that you will be seen as "God Like" by professional tax cheats. The MMTC may also give you a refund in the form of desirable job placement for your family members if you play your cards right).
After state/federal some of us in California pay an effective 43% tax rate. I don't even know why I bother going to work some days.
"I am telling you if there is a God, when I get to heaven I'm not stopping to be interviewed. I am heading straight in. I have earned my place in heaven. It's not even close," former Mayor Bloomberg told the newspaper.
Laugh out Loud
fucking corrupt midget....
In other words he ilives a very modest life by New York standards and donated $6500 to charity. zzzzzzzzzzzz.
Kerry goes to all lengths to register his mega yacht in RI to avoid Mass taxes, yet calls for higher taxes. Geither evades taxes, but yet argues we should raise them on the rich, Buffet argues for raising taxes, yet does all he can to reduce his exposure to them....these people are all scum of the earth, hypocrites. If they want to give their own fuk'n money away to wastful Gov't, then go ahead, just leave the rest of us out of your dumbass ideas.
Politicians are cunts. Don't act so fucking surprised.
Mr. de Blasio’s effective tax rate was 8.3%.
Like every liberal, let the other rich guy pay the taxes that support the promises I made to get elected. Bribe people with other people's money to get their votes defines democratic politics today.
After years of making over 100k and paying multiple tens of thousands into the system I was downsized. Wife makes 8700 a year on SS and I made 910 dollars last year on a 1099. We still had to cut a check to the State of Illinois for 62.00. This country is well and truly f====ed. The state bumped the state income tax from 3 to 5 percent last year. Now they want to make it permanent. Tolls doubled. Summer formula gas for EPA regs is 30 some cents a gallon higher in big cities. Ah, nevermind. I will play with the grandson and calm down,, good day all. Wait til they get rid of the mortgage interest tax deduction,,,,,
You are not alone. I broker small businesses. Many small business owners are worst financial shape than indentured servants. Many are moving towards homeless situation as the creditors are worst than a swarm of horseflies. I tell all to buy a gun so you can control your destiny and make that final decision on your own initiative to maintain your self-respect. Of course, when you have nothing to lose, you are free to charge ????.
I assume we're talking Federal, State and NYC income tax. How can it be a rate of 8.3%? As another reader asked, what about AMT? I find this effective rate very hard to believe. I'd like to hire his accountant.
AMT for a married guy at $165k? Does anyone here know US taxes? What language do I need to write in?
I make around $200k and came within a gnats ass of paying AMT. I paid 15% effective tax rate. The same effective tax rate as when I made $30k.
AND I don't own a house. And I live in Texas so I don't deduct city or state income taxes from federal.
So again, I'd love to know how someone making 75% of me pays one-quarter of the taxes.
Easy.
$165k less $17k retirement less $6k loss on rental less $16k exemptions less $3k flexible spending less $6k charity less $25k schedule a less $3k schedule d less $2k TRIP gets you into the 80s for taxable income resulting in around $14k federal taxes. The way ZH lies and distorts in this article is that it pretends that New York State and New York City as well as Social Security don't count for the calculation.
Where exactly has ZH lied or distorted anything here?
They are pointing out that a New York lib who preaches higher taxes (on people like himself who make six figures) takes every possible deduction that he can to pay <10% in Fed income taxes. Do as I say, not do as I do.
I bet he and Buffett are fans of each other.
These are pretty basic deductions and $165k in NYC doesn't have you sitting in a penthouse preaching to others what should and shouldn't be paid.
Your #s are still way short of getting income down into 80k area. Even assuming he contributes 17k to retirment, which I seriously doubt. I want to figure this out, for my own damn tax planning . . . how the hell can he come up with 80k in deductions? Have you seen the full tax form that was apparently "released"? I can't find it anywhere.
His CPA is a maniac. With NY state tax... Counterparts with similar income are paying well over 40%. Another Learjet liberal living by the mantra of do as I say not as I do.
the problem isn't cheating politicians they always cheat. the problem is the system has ratcheted to the moon. complexity increasing in order to help cheating and to help the gatekeepers make more money. gatekeepers and cheaters living increasingly at everyone's expense upon the presumption complexity for its own sake can increase indefinitely.
the possibility of a white knight providing the 'simplication' below is possible most likely AFTER a collapse of the u.s. politic--economy. probably will not happen exactly like russia, but maybe similar. they have a 13% tax rate.
here's my own 2 cents for how to fix the taxation system based on the asumption it caanot be fixed before a collapse. and after the collapse opportunity to 'redraw' the system will exist.
1) flat personal and corporate tax 13% like russia. ( yes corporate double tax is a good thing because of the limited liability they obtain for incorporating. they should pay extra tax for limited liability)
2) ELIMINATE ALL DEDUCTIONS. ALL DEPRECTIATION, ALL CREDITS, ALL TAX-EMEMPT FORMS OF INCOME. TAX ALL FORIEGN AND DOMESTIC INCOME OF CORPORATIONS AND FORCE REPATRIATION OF ALL CORPORATE HOLDINGS. NO DISTINCTION BETWEEN CAPITAL GAINS AND INCOME. NO DEDUCTING PRIOR YEARS VERSUS CURRENT YEARS. no deductions for this cost or that cost . NOTHING.
3) eliminate ALL PAYROLL TAXES ( medicare and social security and others ) . and all disguised income taxes. there is one tax on your income. income tax.
4) annuallized NETTING OF TRADES is not deducting costs . it is NETTING. stating your profits net of your business costs is NOT A DEDUCTION. the idea of how we even talk about taxes being a method of brainwashing taxpayers to embrace self destructive complexity---needs to be changed. the langugage of taxation needs to be renegotiated.
5) CHANGE THE STANDARD DEDUCTION TO 20K to reflect 40 years of inflation since the 70s.
6) THE 50 STATES SHOULD BE QUALIFIED INTERMEDIARIES FOR ALL WITHOLDINGS TO BE PAID TO THE FEDERAL GOVERNMMENT. the federal government should not have the right to withhold income tax whatsover. they have the right to your taxes. is that not enough to begin with? while i would argue it is useful to eliminate witholdings entirely, it cannot happen. the best way to deal with it is to give this responsibility to the state governments.
7) ELIMINATE JOINT FILINGS OF ANY SORT. no filings for married people. eliminate filings for minors of any sort. eliminate filings for non-citizens of any sort.
8) FINALLY IF YOU WANT TO VOTE YOU MUST FILE YOUR TAX FORM. THAT SIMPLE. DON'T FILE DON'T VOTE. DOESN'T MATTER IF YOU MADE NOTHING. YOU WANNA VOTE FOR THE PRES---YOU GOTTA LET THE GOVERNMENT KNOW YOU'RE AN AMERICAN CITIZEN THAT IS PARTICIPATING IN AMERICAN SOCIETY.
9) LAST BUT NOT LEAST ------THE IRS MUST RUN ITS OWN WEBSITE AND MAKE IT FULLY FREE TO FILE YOUR TAXES ONLINE. ALL PAPER FILINGS MUST BE ELIMINATED. IN THIS FUCKING DAY AND AGE . UNREAL. NO MORE PAPER.AND NO FAX MACHINES ASSHOLES.
10 -----rant over.
anythign else to add anyone?
Yeah I've got something to add-- which part of ABOLISH THE INCOME TAX ENTIRELY do you not understand??
Seriously people-- if your main problem with the income tax is that you want it "flat", you need a checkup from the neck up.
Fund the federal government with excise taxes. That will be enough and it will reduce the size of government by 90%.
Well said Bill. People are so brainwashed they just can't comprehend that concept. It's amazing when I talk to people about that, immediately I'm villified for even suggesting such a ridiculous idea! OT - keep up the amazing work you do! It keeps us all a little more sane to be able to laugh at such diabolical, psychopathic behavior.
I think that his income tax rate is more typical than people realize, he does not pay income tax as an individual, but as corporation so like his peers in other professional fields such as legal, investments, medical, accounting everything he spends money on becomes a business deductible expense.
His AGI taxable income after "expenses" must be $50-60,000.
Given $165,047 of taxable income (assumed it's all taxed as ordinary income), De Blasio's effective Federal tax rate should have been a little over 20% based on the 2013 tax tables (married filed jointly). His rate is 8.3%. I guess I need to switch to his accountant.
Why would De Blasio want to pay only 8.3%? He was supposed to have cared about the poor.
Hardly surprising, when you consider...
that De Bloviate learnt his "craft" working for former NYC Mayor David Dinkins.
Dinkins didnt even bother to file any tax returns for about 5 years - said he "forgot".
De Bloviate - in typical Limousine Liberal fashion - probably thinks it's an affront having to pay 8%...
After all, as Leona Helmsley used to say: Taxes Are For The Little People...
Ha ha ha. Suck down that motherfucker's slimy turd you fucking liberals!
I would imagine he accelerate a lot of losses/writeoffs but that is a very low effective rate for federal taxes still.
Repeat after me... S.O.C.I.A.L.I.S.T.
He talks like Marx
Rules like Stalin
Lives like Rockefeller
Socialism is meant for YOU, not for the socialist.
A billionaire or many times over millionaire in NYC? Of course he's a Socialist. How else can he keep his apartment rent so low?
This guy certainly knows how to file taxes. I should have my people call his people.
Hey Bill. C u next Tuesday. Dick. Where's Dirty Harry Reid?
This guy lives in NYC and makes a little over $200k a year... WTF is the problem with that, he just makes it into the top 5%. You preferred billionaire Bloomberg and his invisible tax returns?
"Schools Chancellor Carmen Farina will collect both a city salary and her pension for a total income of $412,193 a year — nearly twice as much as Mayor de Blasio is being paid."
http://nypost.com/2014/01/05/new-schools-boss-to-collect-double-de-blasi...
It appears the 165k was his SALARY . . . forget the +50k from his rental that was offset by mortgage deductions and depreciation. The 8% effective rate was based on FEDERAL taxes paid.
HOW THE HELL does he find enough deductions to reduce 165K to such a level where he pays such a low rate!!!!???? I see some idiotic comments here from some people claiming that seems "about right" or that they "have paid a similar" percentage before.
Cany anybody here explain this??? Four pages of mindless posts and nothing substantive or factually correct . . . I would like to know how the HELL I can be that aggressive with itemized deductions!! I cannot find any link, or copy of the return.
Lets figure this out!
Additional info: $13,715 in fed taxes, $7,748 state and $4,170 city
$13,715/$165,000 = 8.3% the number all headlines are citing . . .
State & local is roughly 13.5% - $11,918 / %13.5 = implies taxable income of around $88,218 . . . ??? Someone please explain this!!!
$13k in Fed Taxes / $88k income = roughly 15% tax rate . . this makes senses since the first $73,800 in income for married couples is taxes at 15%.
Thus the questions is HOW DOES ONE REDUCE TAXABLE INCOME THAT MUCH? $165k down to roughly $80 - $90k??