Bloomberg Business of Sports lets you follow the money in the world of sports, reporting on trades, salaries, endorsements, contracts and collective bargaining. The show takes listeners inside the business end of the sports world, and explains what it means to fans and their pocketbooks.
Ashlee Vance explores innovations in new tech, software, engineering, and science in places outside of Silicon Valley.
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Maybe New York can't afford to be New York anymore, without the big federal tax break.
It’s an unhappy time to be a high-income professional in a blue state -- or their governor. The new tax law, which caps the deduction for state and local taxes at $10,000, amounts to a roughly one-third increase in their effective state-and-local tax rate. That will be an ugly hit to the pocketbook.
They will fiercely resist any attempt to raise taxes further, bad news for mayors and governors who are often facing big pension holes that are eventually going to need to be filled with taxpayer money. Worse still, they will probably put pressure on said politicians to lower taxes. And some of them may start shopping for residences in lower-tax locales, taking their valuable, taxable incomes with them if they go.