By James Kwak
A couple of days ago I criticized Mitt Romney for thinking that eliminating the deductions for mortgages on second homes and for state and local taxes would pay for his 20 percent rate cuts. But there’s a more important general point to be made.
Toronto’s City Council was mired in debate Wednesday about the merits and shortfalls of raising property taxes, following a protest in council chambers where dozens of people called for better fund anti-poverty measures. Council ultimately voted in favour of a 1.3 per cent residential property tax increase, an adjustment in line with inflation.
Given the public unrest of the last few days, it would appear that the Cypriot government, having tried and failed with Plan A (wealth tax versions 1 and 2) and Plan B (beg the Russians directly), they have decided to go with Plan C (Collateralized Cypriot Obligations).
Who could have seen that coming? While many have questioned the "suitability of daily-traded, open-ended property funds that are giving investors access to an illiquid asset," all the time the price is rising, no one wants to rock the boat. However, now that Brexit has rocked the boat, spoiling the party for UK property investors and asset managers alike, it's time for Carney to ride to the tax-payer-funded bailout rescue to ensure Bear Stearns 2.0 does not become Lehman 2.0...
George Spritzer submits: This is one of a series of articles on specific municipal bond closed-end funds. In this report, I will analyze the Blackrock MuniHoldings Investment Quality Fund (ticker: MFL).
Mayor John Tory unveiled what he called a “balanced and prudent” draft city budget that includes a total 2.75% property tax hike, but leaves an $86-million hole he hopes the provincial government will fill.
The proposed tax increase is made up of a residential rate hike of 2.25% — which the mayor touted as below the city’s 2.6% rate of inflation, although it’s higher the national rate — in addition to a 0.5% property tax levy for the Scarborough subway approved by the previous term.