Barely a day seems to go by without news of another major company conducting massive layoffs. While at the same time prices and living costs are rising, and new taxes, tax hikes, and the loss of tax breaks are mounting up to cause extreme financial distress.
Monetary Policy Designed To Create Financial Stress
The Fed is openly on a mission to drive more layoffs and create more unemployment. With the idea that will cool off the economy. At least the unemployment part seems to be working. The Long Island Business Network reports that we’ve recently hit a new five month high in unemployment claims. That is only likely to balloon.
The Fed has more recently announced we should expect bigger interest rate hikes, and even higher peak interest rates in the future. Which certainly fuels the inflation problem in the short to medium term. At least until everything breaks, and no one can afford to pay their bills.
On top of this we are losing tax breaks, while all types of taxes seem to be going up, and new taxes are being created. Especially for those trying to sell their real estate or make an income from it.
This includes Suffolk County aiming for a new tax increase on hotels. As well as almost 45% in capital gains taxes that will cripple the ability for many to sell homes they’ve recently bought or make money from investments.
One way or the other Long Islanders keep on seeing their property taxes go up.
Despite promises of tax freezes and fixing the system, we seem to just get more tax hikes instead. Which means we should expect more tax increases, and need to prepare for them.
NY is going out of its way to try and prevent people from selling up and leaving the state through a variety of tax strategies. So, the other option is to bunker down, work to keep your bills down, and try to stay ahead financially. Especially as you don't know when your income will get cut off.
One of the best ways to do this, and that is still in your control is to grieve your annual property tax bill.