WCBS 880 Weekly Rewind: House Democrats Propose Corporate Tax Hikes While New York’s Likely Next Mayor Courts the Business Community

Produced by Neil A. Carousso

NEW YORK (WCBS 880) — The House Ways and Means Committee proposed raising taxes on corporations and high-income earners to pay for Democrats’ $3.5 trillion social spending plan. The proposal would also end the retirement account loophole that allows people to convert pre-tax retirement savings accounts into a ROTH IRA for those who earn $400,000 or more a year.

On The 880 Weekly Rewind, Lynda Lopez looks at the tax hike proposal out of Washington while local lawmakers like Sen. Cory Booker (D-NJ) fight to end the $10,000 cap on state and local tax deductions in the Democrats’ reconciliation measure. In New York, Democratic Mayoral Candidate Eric Adams courted the business community at Anthony Scaramucci’s Wall Street flagship SALT Conference.

“New York will no longer be anti-business,” Adams declared at SALT NY, indicating a major shift from Mayor Bill de Blasio’s administration. “This is going to be a place where we welcome business and not turn into the dysfunctional city that we have been for so many years.”

New York City traffic returned to pre-pandemic levels this week as schools and Broadway reopened. Lopez also talked to Charlotte St. Martin, president of The Broadway League, about the larger economic boost.

Subscribe and download The 880 Weekly Rewind podcast for in-depth reporting and deeper analysis of the top stories of the week, produced by Neil A. Carousso, for WCBS-AM New York.