February 01, 2019
The New York Times quoted Maury Cartine, partner-in-charge of New York City Tax & Business Services, in an article about the complexities of taxing the wealthiest Americans.
By Paul Sullivan
Featured: Maury Cartine, Partner-in-Charge, Tax Services - New York
Excerpt:
Maury Cartine, a partner at the accounting firm Marcum and a certified public accountant for 50 years, said that when the highest tax bracket was 70 percent in the 1970s, the tax on earned income — as opposed to investment income - was limited to 50 percent. At that time, an individual taxpayer could also deduct interest on any type of loan - car, educational, credit card - and not just on a home. “A taxpayer could refinance appreciated rental property, take the proceeds to buy a yacht or some very nice jewelry and still deduct the interest,” Mr. Cartine said.
Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., as well as Grand Cayman, China and Ireland.
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