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Tag:
Tax Revenue
Sponsored Content
Business
New York Sports Betting Tax Revenue Hits Historic $1 Billion Milestone
The gambling market has significantly expanded globally in recent years. Sports betting is the most popular (and legal) betting in the USA. The country has 28 states where wagering on your favorite team online is permitted, with Vermont being the last to adopt the bill. In-person wagering is legal in 33 states, and four will launch their programs by the end of this year. Sports betting is heavily favored if we're comparing it with any other casino activity. Online slots and poker, for example, are legal only in five states or remote Native American reservations. However, casinos generate m…
Hartford
News
3K Foreign Contraband Cigarettes Seized, Destroyed By USPS In CT, Other States: Officials
Around 3,000 packages of foreign contraband cigarettes bound for Connecticut, New York, and other states have been found and destroyed by the US Postal Service since the beginning of the year, officials said. According to Connecticut Attorney General William Tong, the seizures were a result of a settlement between the USPS and several states in August 2022 that forced the Postal Service to destroy untaxed foreign cigarettes instead of returning the illegally-mailed packages back to the sender. Of the 3,000 cigarette packages destroyed since the beginning of 2023, 44 had bee…
Suffolk NY
News
New York State Collects $542M In Mobile Sports Betting Tax Revenue In Less Than 10 Months
New York State has collected more than half a billion dollars in mobile sports betting tax revenue since it became available in the state in January. As of the week that ended on Sunday, Oct. 30, the State collected $542 million in taxes, surpassing all other states across the country, Gov. Kathy Hochul announced on Wednesday, Nov. 9. Hochul said the State also collected an addition $200 million in licensing fees, generating more than $740 million in revenue, which is mainly set to be used for education. "By bringing sports wagering to New York, we have not only opened the door to responsi…
Armonk
News
Nearly $2B In Bets Placed In NY In First 30 Days Of Mobile Sports Betting
In the first 30 days since mobile sports betting launched in New York, nearly $2 billion in bets have been taken in the state. Gov. Kathy Hochul made the announcement on Monday, Feb. 14, saying $1.98 billion in wagers were taken in the state, a figure larger than any other state has reported. She said the betting is set to generate more than $70 million in tax revenue for the state over the first month. Mobile sports wagering launched in New York on Saturday, Jan. 8. "Over the past month, we've seen how mobile sports wagering can be an economic engine for New York, driving significant fun…
Worcester
Business
Did The MA Flavored-Tobacco Ban Work? Cigarette Sales Show Law's Impact, Study Says
When Massachusetts outlawed flavored tobacco in 2019, the goal was to reduce smoking, especially among young people - but did it work? A new study by the Tax Foundation, an economic and political think tank, found that the Massachusetts ban does not appear to have stopped many people from buying tobacco, but it did coincide with increased sales in neighboring states. “Early signs indicate that the ban will not decrease tobacco consumption in the state,” the Tax Foundation said. “It is not in the interest of Massachusetts to pursue a public health measure that merely sends tax revenue to its…
Hackensack
News
Legalize It? NJ Pot Supporters First Need To Know Where To Find It On Ballot, Advocates Say
Polls show most New Jerseyans want marijuana legalized, but what Garden State voters may not know is that the question is on the back of the election ballot. A recent survey by the Stockton University Polling Institute found 66% of New Jersey respondents favoring legalized leaf. Separate polls have gotten 65% and 61% thumbs up, respectively. But those are polls, not elections. The difference: Referendum questions always go at the end of ballots, which usually leads to slimmer margins than polls. This year, the cannabis legalization question is on the back of the ballot. It’s left some a…
Hackensack
News
Legalize
IT? NJ Pot Supporters Need To Know Where To Find It On Ballot, Advocates Warn
Polls show most New Jerseyans want marijuana legalized, but what Garden State voters may not know, advocates say, is that the question is on the back of the election ballot. A recent survey by the Stockton University Polling Institute found 66% of New Jersey respondents favoring legalized herb. Separate polls have gotten 65% and 61% thumbs up, respectively. But those are polls, not elections. The difference: Referendum questions always go at the end of ballots, which usually leads to slimmer margins than polls. This year, the cannabis legalization question is on the back of the ballot. …
Nassau
Lifestyle
Covid-
19: Here's Percentage Of Six-Figure Earners In NYC Who've Considered Relocating
Of the 53 percent of New York City employees that earn six figures and work from home, 44 percent have considered leaving the Big Apple within the past four months for less expensive pastures, according to a brand-new Siena Poll, citing the risk of COVID-19, economic concerns and their newfound ability to work at home. Eighty percent of the city's tax revenue is taken from earners making over $100,000 per year, making the possibility of a mass flight from the boroughs making the city vulnerable to tax erosion. Of this bracket, according to the survey, 37 percent have intentions to leave the …
Hartford
Business
Recreational Marijuana Could Raise $1 Billion For Connecticut
Connecticut could collect nearly $1 billion in taxes over five years if the state were to legalize recreational marijuana, according to a new University of Connecticut report. A study by UConn’s Center for Economic Analysis estimated that in five years of recreational sales Connecticut could collect anywhere from $784 million to $952 million in new taxes, according to the Hartford Courant. Since the COVID-19-fueled recession has hit the U.S., many states are looking at new ways to raise tax revenue. Lead study author Fred Carstensen said that in addition to raising taxes, welcoming the re…
DV Plus - Westchester
Politics
Greenburgh Supervisor Challenged In November For First Time Since 2007
One of Westchester County's longest-serving town supervisors is facing a rare challenge at the polls this fall. For the first time in a dozen years, longtime Greenburgh Supervisor Paul Feiner, a Democrat and former county legislator, will have an opponent on Nov. 5. Independent challenger Lucas Cioffi will be on the ballot this fall appearing on the Greenburgh Party line. Feiner has served the town as supervisor for the last 28 years. The last time he faced any opposition was in the 2013 Democratic primary election, which Feiner won. Cioffi, a 39-year-old software engineer and entrepreneur…
