IRS Recognizes Gay Marriages

Photo: Autostraddle

Today the IRS announced (via: The New York Times)  that they will recognize gay marriages regardless of whether the state in which the couple resides recognizes the marriage.  While gay couples can now move around the country and know that the federal government will recognize their marriage, they will still have to file their state taxes as individuals if they live in a state where gay marriage is not recognized.  All of this is expected to raise more in tax revenue through the "marriage penalty", with tax liability increasing due to a married status.

Undertaxing Valuable Properties

Photo: LuxeDB

The Furman Center released a policy brief in July that discusses the State law that requires NYC Department of Finance to undervaluing (and thereby undertaxing) some of its most valuable properties. It seems as if co-ops and condos of more than 4 units must be valued as if they are rental properties, but finding comparable nearby rental properties for areas of the Upper East Side and areas surrounding Central Park is difficult (read: impossible) to do.  In fact, the highest valued rental unit in all of NYC by the Department of Finance is only a fraction of the value per square foot as that of a typical co-op or condo in these neighborhoods. Problem?

Mayflower Compensation Taxes

Photo: National Geographic

There was an article last month about a tax break for residents following the Mayflower oil spill back in March.  Basically, Republican U.S. Rep. Tim Griffin believes that those affected by the oil spill should not have to pay taxes on the compensation provided by Exxon Mobile.  You can read the article and see images of the spill on Huffington Post. It would seem to me that if anyone should be taxed, it should be Exxon Mobile for the damage caused by the spill to the environment, not only the residents of Mayflower.