KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
New York City Comptroller Brad Lander has backed away from his previous proposal to raise the city’s income tax on the top 1% of earners, a plan initially introduced in May 2023 to address gaps in funding for critical programs. Lander, a progressive Democrat and challenger to Mayor Eric Adams in the upcoming primary, had suggested increasing the city’s top income-tax rate of 3.876% to pay for services like universal pre-kindergarten, child care, public transit, and affordable housing.
However, on Monday, Lander stated that with funding for pre-kindergarten and summer programs now secured, additional revenue from tax hikes is no longer necessary. "We are not continuing to make that proposal," he said at a Manhattan breakfast hosted by the Citizens Budget Commission. "We can do universal pre-K and Summer Rising with the resources we have."
High-ranking state Democrats, including Governor Kathy Hochul and Comptroller Thomas DiNapoli, have voiced concerns that high taxes and living expenses are driving both wealthy and middle-class residents out of New York. Hochul recently announced she would not raise income taxes in the next budget, despite significant funding gaps for the Metropolitan Transportation Authority.
Lander’s initial proposal, which could have generated up to $900 million, would have raised income taxes on top earners, with rates increasing to 4.46% for those earning between $750,000 and $5 million, and 5.5% for those making over $25 million. The current top rate of 3.876% applies to married filers earning $90,000 or more.
Despite concerns about tax burdens pushing residents to low-tax states like Florida, Lander argued that New York City remains attractive to hedge funds and asset managers, citing Bridgewater Associates' new office in the city and Citadel’s plans to build a tower on Park Avenue. "We need to keep this the place people come to make the next fortune," Lander remarked.
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