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The Securities and Exchange Commission today announced fraud charges against a former official of the nation’s third largest public pension fund and two brokers accused of orchestrating a pay-to-play scheme to steer billions of dollars to certain firms in exchange for luxury gifts, lavish vacations, and tens of thousands of dollars spent on cocaine and prostitutes.
Navnoor Kang, who served as the director of fixed income for the New York State Common Retirement Fund from January 2014 to February 2016, allegedly used his position to direct up to $2.5 billion in state business to Gregg Schonhorn and Deborah Kelley, who were registered representatives at two different broker-dealers. In exchange for this lucrative business, which netted Schonhorn and Kelley millions of dollars in commissions, the brokers provided Kang with tens of thousands of dollars in benefits, including:
More than $50,000 spent on hotel rooms in New York City, Montreal, Atlantic City, and Cleveland.
Approximately $50,000 spent at restaurants, bars, lounges, and on bottle service.
$17,400 on a luxury watch for Kang.
$4,200 on a Hermes bracelet for Kang’s girlfriend, at Kang’s request.
$6,000 on four VIP tickets to a Paul McCartney concert in New Orleans.
An extravagant ski vacation in Park City, Utah, including a $1,000 per night guest suite.
NJ government is beyond bloated. Many geographically small counties, each with their own county government despite every square inch of the State being incorporated. Towns are mostly geographically small, sometimes as small as a half square mile, and each one has their own town govt, police, highway dept. etc. Strip out the excess local and county govt, and property taxes will plummet.
Some places in NY have County, Town, and Village govt that must get paid for, and bureaucracies such as one I am dealing with on behalf of a non -profit. In that Village you need a permit to cut down a tree on your own property , or face a $1,000 fine. Want to cut 3 trees? Submit a site plan (12 copies) for review. Want to repave a driveway? Get a permit from the Village. That level of bureaucracy costs lots of $. Much of their high property taxes is pure waste.
You just dont like to hear the consequences of the loss of tax revenue, thinking only services that you dont like will be cut. What will happen is of course that there will be across the board cuts, including fewer cops, fire fighters, less for the disabled and less for child protection services. You might claim that this means more freedom, and the libertarian crowd thinks so, but dont pretend that there wont be consequences as we engage in a race to the bottom towards lower taxes and more government by and for the super rich. Joe Sixpack does not factor into the concerns of the people who fund the political campaigns!
Wrong again.
This is NY state. Tax utopia.
Civil servants in Florida are paid as such. Compare state capital to state capital.
The median annual Police Patrol Officer salary in Albany, NY is $53,961, as of January 02, 2018, with a range usually between $50,383-$58,805
The median annual Police Patrol Officer salary in Tallahassee, FL is $47,795, as of January 02, 2018, with a range usually between $44,626-$52,086
How about state troopers?
The New York State Trooper base salary is $53,159 during academy training. After graduation from training and during the one-year probationary period, the salary increases to $70,652. After completion of probation and appointment as a New York State Trooper, the salary increases to $75,252
And that's not even touching what cyber crimes earn, or what the scuba teams earn. That's to ride around town looking for texting and driving and running radar on highways. Plus benefits.
While in the training academy, (FHP) trooper recruits earn a monthly salary of $2,514. Upon graduation, the salary will rise to $33,977 annually. Troopers posted to Broward, Dade, Monroe, Palm Beach, Collier, or Lee County earn an annual salary of $38,976 per year
DMV employees in NY
Customer Service Representative - Hourly $13.97/hr
Customer Service Representative $33,379
Processing Assistant III $31,196
Computer Engineer - Hourly $39.95/hr
(Plus benefits)
Want to go further? And look at what administration pays for both states?
Management galore.
Care to take a stab at what a State DOT truck driver earns in NY never mind overtime to plow snow?
NY does not pay civil servants a civil servants wage. If you're part of the good ol boy club, or related to one... you're in like Flynn and have benefits galore, pension, and you don't even have to break a sweat. Can stare at pot holes for 8 hours a day in NY and make 44k to start.
Want to talk about public works projects? We can do that too.
Ever been in Amsterdam? Come off of 87 and go into the city? Roads to that bridge and the bridge itself is horrible. Oh but they blew out a pedestrian bridge to cross the Mohawk river over budget and beyond the deadline because "MUH UNIONS" but to hell with the roads who needs roads?
How about rural upstate. Like... route 22 running from say... oh... Amenia to New Lebanon? Ever drive that?
There's sections smooth as glass and then the rest you better tell grandma to hold on to her dentures and kidneys...
23 is another moonscape. Especially out by Hunter.
I'll remind you once again... I paid 5200 per year in property tax alone in NY. The town voted out the police department, we were responsible for our waste/refuse service, there was no city water/sewer. Everyone had their own well and their own septic.
Fire department and EMT was PURE VOLUNTEER not PAID.
No street lights. No stop lights. Roads were not paved, scraped up and crushed gravel with tar for YOU taxpayer to compact down with YOUR car/truck to get the paint scratched to hell and back and car covered in tar. For the DOT to come back at a later date to paint lane marking lines on.
So just what exactly was I paying all of that in property tax for? I found out.
Ready? Welfare.
Theres no itemized tax bill detailing what went where in NY. Florida on the other hand does.
What do I pay in Florida? I jumped up to 1800 for going to city sewer as the town looked down on a simple septic system and because of asinine code laws despite the fact I could dig and install my own septic system I'm not a licensed plumber etc, big deal, I do it you send your inspector out and sign off or not. Leave me the code book I'll do it. Did it before. Nope cant.
For 1800 I have
1. Spraying for mosquitos
2. Police.
3. Fire.
4. EMT/ambulatory
5. School
6. Town debts (voted projects)
7. Waste/recyclables/refuse
I can go on.
Want to touch base on the governors mansion that Cuomo doesn't even reside in that costs tax payers 300k per year in maintenance and upkeep staff? Break the bulk of that down. Cheifs. No Indians.
But bash Trump for using Mar a lago over the white house...
How about the 68 dollars per month I saved switching connectivity from NY to FL for my cell phone?
68 dollars in savings. All NY state REGULATORY SURCHARGES and TAX
So where's the money going in NY?
Right into the incinerator.
So you're wrong dead wrong. Services do not need to be full bore reduced. But the other pork in NY state could be cut, and civil servants could be paid as such.
Looks mighty lucrative to be a state trooper in NY to pop speeders texting and driving and seat belt tickets huh? You won't ever see a State Trooper in Schenectady Arbor Hill or any area plagued with crime.
You will find them on the Taconic State Parkway, I87, I90, etc out there generating revenue for the state though
You just dont like to hear the consequences of the loss of tax revenue, thinking only services that you dont like will be cut. What will happen is of course that there will be across the board cuts, including fewer cops, fire fighters, less for the disabled and less for child protection services. You might claim that this means more freedom, and the libertarian crowd thinks so, but dont pretend that there wont be consequences as we engage in a race to the bottom towards lower taxes and more government by and for the super rich. Joe Sixpack does not factor into the concerns of the people who fund the political campaigns!
No one is losing revenue here. NJ is not cutting taxes or didn't you read the OP thread thoroughly enough ?
NJ is looking for a loophole here so they can continue to get their money. NJ is not about to give up any tax revenue.
And only 30% itemize where this would have an effect. Do all 30% of federal income tax filers live in NJ ?
And how long until Congress just modifies the tax code to disallow these dodges, if the IRS doesn't simple declare them abusive tax shelters and shuts them down themselves?
To be a charity, it would have to be voluntary to pay it. With no loss of privileges, nor liens, for failing to do so.
well duh..it would be, if you don't pay it then you pay your tax, it's "in lieu of", just like 17 red states do with charitable deductions in lieu of other tax obligations, they get a dollar for dollar offset to their tax bills and the IRS has upheld it as legal.
"The study called it a “get-rich scheme for shrewd taxpayers.”
The report focuses on tuition tax credit programs used by some states to help low-income students afford private schools. In these states, individuals and corporations donate to nonprofit “scholarship-granting organizations,” which then distribute the funds to parents. The amount of the contribution can be subtracted dollar-for-dollar from the donor’s state tax bill.
The state-level programs began in 1997, and in 2011, the Internal Revenue Service allowed taxpayers to deduct the contributions from their federally taxable income as well — a benefit that has largely been kept within the circles of wealth advisers and private school communities." https://www.nytimes.com/2017/05/17/u...ofit.html?_r=0
Civil servants in Florida are paid as such. Compare state capital to state capital.
The median annual Police Patrol Officer salary in Albany, NY is $53,961, as of January 02, 2018, with a range usually between $50,383-$58,805
The median annual Police Patrol Officer salary in Tallahassee, FL is $47,795, as of January 02, 2018, with a range usually between $44,626-$52,086
How about state troopers?
The New York State Trooper base salary is $53,159 during academy training. After graduation from training and during the one-year probationary period, the salary increases to $70,652. After completion of probation and appointment as a New York State Trooper, the salary increases to $75,252
And that's not even touching what cyber crimes earn, or what the scuba teams earn. That's to ride around town looking for texting and driving and running radar on highways. Plus benefits.
While in the training academy, (FHP) trooper recruits earn a monthly salary of $2,514. Upon graduation, the salary will rise to $33,977 annually. Troopers posted to Broward, Dade, Monroe, Palm Beach, Collier, or Lee County earn an annual salary of $38,976 per year
DMV employees in NY
Customer Service Representative - Hourly $13.97/hr
Customer Service Representative $33,379
Processing Assistant III $31,196
Computer Engineer - Hourly $39.95/hr
(Plus benefits)
Want to go further? And look at what administration pays for both states?
Management galore.
Care to take a stab at what a State DOT truck driver earns in NY never mind overtime to plow snow?
NY does not pay civil servants a civil servants wage. If you're part of the good ol boy club, or related to one... you're in like Flynn and have benefits galore, pension, and you don't even have to break a sweat. Can stare at pot holes for 8 hours a day in NY and make 44k to start.
Want to talk about public works projects? We can do that too.
Ever been in Amsterdam? Come off of 87 and go into the city? Roads to that bridge and the bridge itself is horrible. Oh but they blew out a pedestrian bridge to cross the Mohawk river over budget and beyond the deadline because "MUH UNIONS" but to hell with the roads who needs roads?
How about rural upstate. Like... route 22 running from say... oh... Amenia to New Lebanon? Ever drive that?
There's sections smooth as glass and then the rest you better tell grandma to hold on to her dentures and kidneys...
23 is another moonscape. Especially out by Hunter.
I'll remind you once again... I paid 5200 per year in property tax alone in NY. The town voted out the police department, we were responsible for our waste/refuse service, there was no city water/sewer. Everyone had their own well and their own septic.
Fire department and EMT was PURE VOLUNTEER not PAID.
No street lights. No stop lights. Roads were not paved, scraped up and crushed gravel with tar for YOU taxpayer to compact down with YOUR car/truck to get the paint scratched to hell and back and car covered in tar. For the DOT to come back at a later date to paint lane marking lines on.
So just what exactly was I paying all of that in property tax for? I found out.
Ready? Welfare.
Theres no itemized tax bill detailing what went where in NY. Florida on the other hand does.
What do I pay in Florida? I jumped up to 1800 for going to city sewer as the town looked down on a simple septic system and because of asinine code laws despite the fact I could dig and install my own septic system I'm not a licensed plumber etc, big deal, I do it you send your inspector out and sign off or not. Leave me the code book I'll do it. Did it before. Nope cant.
For 1800 I have
1. Spraying for mosquitos
2. Police.
3. Fire.
4. EMT/ambulatory
5. School
6. Town debts (voted projects)
7. Waste/recyclables/refuse
I can go on.
Want to touch base on the governors mansion that Cuomo doesn't even reside in that costs tax payers 300k per year in maintenance and upkeep staff? Break the bulk of that down. Cheifs. No Indians.
But bash Trump for using Mar a lago over the white house...
How about the 68 dollars per month I saved switching connectivity from NY to FL for my cell phone?
68 dollars in savings. All NY state REGULATORY SURCHARGES and TAX
So where's the money going in NY?
Right into the incinerator.
So you're wrong dead wrong. Services do not need to be full bore reduced. But the other pork in NY state could be cut, and civil servants could be paid as such.
Looks mighty lucrative to be a state trooper in NY to pop speeders texting and driving and seat belt tickets huh? You won't ever see a State Trooper in Schenectady Arbor Hill or any area plagued with crime.
You will find them on the Taconic State Parkway, I87, I90, etc out there generating revenue for the state though
You just dont like to hear the consequences of the loss of tax revenue, thinking only services that you dont like will be cut. What will happen is of course that there will be across the board cuts, including fewer cops, fire fighters, less for the disabled and less for child protection services. You might claim that this means more freedom, and the libertarian crowd thinks so, but dont pretend that there wont be consequences as we engage in a race to the bottom towards lower taxes and more government by and for the super rich. Joe Sixpack does not factor into the concerns of the people who fund the political campaigns!
Conservatives are constantly crying about how no cops will show up and arrest the annoying homeless people, or close down the local marijuana dispensary or arrest everyone associated with BLM, I wonder how they think any of that will be paid for in the future? They are libertarian until it becomes an issue of NIMBY
The chances of lowering taxes in NJ are about as good as my chances of winning the Powerball or Megamillions jackpot next week. Who's going to volunteer to take a pay cut or fall on the economic sword? Nobody that I know! Teachers make a lot more in NJ than in NC and if they suddenly made NC salaries, the classrooms would be devoid of teachers in short order! In my old town in NJ, a patrolman with 5 years in the police department makes more money than the chief of police in my NC town. That's not likely to change anytime in the future.
I read in my old hometown paper that the new Governor of NJ, Phil Murphy lives in a 9.6 million dollar home and his property tax bill on this house was ~ $408,000 last year! So in his town the tax rate is about $4 per assessed $100! What would the property taxes be like on your home at this level? A $10,000 combined SALT deduction limit seems rather measly at his level!
Yup it is crazy in NJ. I will say that raising my kids there was the best place for their education. The public schools are some of the best in the nation.
I did not mind paying high RE taxes then when my kids were in the system.
Now watching Grand Kids in the public schools here in NC is hard. Teachers making next to nothing. A lot leaving the state for higher earning states.
To "beat the tax" Jersey is going to make the local municipalities run on charitable donations instead of taxes?
I'm understanding this correctly?
No, local municipalities will still impose taxes, it's just that the state of NJ will have a scheme for "donating" money in lieu of paying taxes.
so like if you owe $10k in tax and you donate $4k, they'll reduce your tax bill down to $6k
if you owe $10k in tax and you donate $10k, they'll reduce your tax bill to $0 and you technically won't pay any taxes.
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A $10,000 combined SALT deduction limit seems rather measly at his level! 
