Dec 17, 2017

GOP tax plan could drive down New York City home prices

Skyscrapers around Central Park in Manhattan. Photo: Getty Images

The limits to state and local tax deductions in the GOP tax plan — expected to face a vote early this week — could cause home prices in Manhattan to drop up to 9.5% as New Yorkers flee a rising tax burden in the city, the Wall Street Journal reports, citing a Moody's analysis.

The backdrop: The final bill will permit deductions of up to $10,000 in state and local taxes — including income, property and sales taxes. On average, Manhattan residents get $57,400 in state and local income tax deductions and $14,400 in property tax deductions, per IRS data.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10:30 a.m. ET: 1,447,466 — Total deaths: 83,471 — Total recoveries: 308,215Map.
  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 399,929 — Total deaths: 12,911 — Total recoveries: 22,539Map.
  3. 2020 latest: The results for Wisconsin's primary elections won't be released until April 13. Thousands of residents cast ballots in person.
  4. Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Anthony Fauci said.
  5. Public health latest: Surgeon General Jerome Adams highlighted the disproportionate impact the illness is having on African-American communities.
  6. 🚌 Public transit: Systems across the country are experiencing ridership collapse, squeezed funding streams and slow recovery from the pandemic.
  7. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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U.S. coronavirus updates: Largest 24-hour spike in fatalities

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

New York's death toll from the novel coronavirus surged to its highest one-day total on Tuesday, as the U.S. saw its largest 24-hour spike in fatalities, per Johns Hopkins data. Recorded deaths across the U.S. surpassed 12,900 Wednesday.

Why it matters: Public health officials have warned this would be a particularly deadly week for America, even as New York began to see trends of hospitalizations and ICU admissions decrease.

Go deeperArrowUpdated 21 mins ago - Health

Fauci: U.S. "starting to see glimmers of hope" in new coronavirus cases

The U.S. is starting to see "glimmers of hope" when it comes to the coronavirus pandemic, despite recent increases in the rate of reported deaths due to the illness, Dr. Anthony Fauci, Director of the National Institute of Allergy and Infectious Diseases, told Fox News.

The big picture: Fauci said deaths generally lag behind the number of new cases and hospitalizations. The latter two indicators are what's "fueling the outbreak," Fauci said. He pointed to stabilizing or decreasing numbers of key indicators in New York as a sign that "we should start to see the beginning of a turnaround," after this week.

Go deeperArrow28 mins ago - Health