You know what rich people like? Staying rich! While it's unclear why exactly super-rich Yankees slugger and serial house hunter Alex Rodriguez finally decided to buy a $6 million place at the Rushmore condo, here's one factor that probably didn't hurt: The 421a tax break that will turn what could have been an annual $60,000+ tax bill into one that's just $1200 a year. more ›

Currently, a Stimulus Act provision allows for commuters to use $230 of pre-tax wages to pay for public transit. But come December, that number will drop to $120, something Sen. Chuck Schumer wants to keep from happening. Schumer wants to make the provision permanent, arguing that the December change would take away $150 million in savings each year from commuters. He told reporters yesterday, "In every corner of every borough, families are struggling to make ends meet. It's more important than ever that the federal government not throw salt in their wounds." more ›

After receiving millions in tax breaks from the city to create jobs, Pfizer is planning "to lay off or relocate up to 1,400 New York City employees," the NY Times reports. A government official told the Times that 800-1,400 jobs would be gone, either through reduction or relocation. more ›

'Tis the season for somewhat infuriating news: The Washington Post reports, "The federal government quietly agreed to forgo billions of dollars in potential tax payments from Citigroup as part of the deal announced this week to wean the company from the massive taxpayer bailout that helped it survive the financial crisis." more ›

Representative Charles Rangel is a just a magnet for media investigation these days! The NY Times questioned his four rent-stabilized apartments and, more recently, a large donation to a school being named after him; the Post found out about his vacation villa and unreported income from it. Now it's Politico which does some digging about campaign websites Rangel's son created for his dad. more ›

After the NY Times reported Rep. Charles Rangel helped preserve a tax loophole for an oil executive who donated $1 million to a school named after Rangel, Republicans are asking for a House Ethics Committee investigation. Rep. Darrell Issa (R-California) said, "Charlie Rangel needs to resign as Ways and Means Committee chairman," and nonpartisan watchdog group Citizens for Responsibility and Ethics in Washington said, "Representative Rangel’s ethics problems continue to mount, yet the ethics committee and the Democratic leadership remain silent." Rangel denied securing the tax break in return for the donation, but it seems his legal bills are likely to pile up. Speaking of, the Daily News reports that he fired his old lawyer, Clinton friend Lanny Davis because Davis's bills were really high! more ›

Inquiries are being made both internally and externally following yesterday's report of Charles Rangel's latest tax headache--this time surrounding questions of Rangel taking an "homestead" tax break on his D.C. home by claiming it was his primary residence--while primarily residing in Harlem at the time. The Post reports that watchdog group National Legal and Policy Center is filing a House Ethics Committee complaint against the congressman. And Rangel's own lawyer announced that his (in)famous accountant will review the situation, telling the Times, “The New York Post has raised a question about the tax treatment of a property the Rangels once owned. The property was sold more than eight years ago and we have asked Congressman Rangel’s accountant to retrieve the records about it.” more ›

Just days after Representative Charles Rangel was allowed to keep his chairmanship of the House Ways and Means Committee, the NY Post reports on another possible headache for the Harlem Congressman. more ›

The City Council voted 40-3 to end the tax breaks Madison Square Garden has enjoyed since 1982. It's estimated that the city has lost almost $300 million in potential revenue in subsidies to the "World's Most Famous Arena." more ›