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Governor Cuomo has announced he's flying to Washington on Tuesday to meet with President Trump to discuss the impact on New York of the state and local tax (SALT) deduction cap in the new federal tax law. Spoiler Alert: even assuming Trump is uncharacteristically thick-skinned in the face of Cuomo's harsh unrelenting political attacks, the SALT cap isn't going anywhere.  Read More

Disentangled from the politically turbocharged, high-volume rhetoric of his State of the State message, the first Executive Budget of Governor Andrew Cuomo's third term is largely a stay-the-course affair—for better and worse. Read More

Getting the jump on Governor Andrew's Cuomo's budget presentation, the much-diminished state Senate Republican conference today issued a counter-budget plan—which doesn't even begin to add up. Lead elements of the "Real Solutions" plan from the Senate GOP Minority include "forcefully rejecting new taxes and fees" and "fighting" for a permanent property tax cap as well as a statutory state spending cap. Read More

The prospect of a 70 percent top federal income tax rate, as floated by U.S. Rep. Alexandria Ocasio-Cortez in a TV interview, seems to have struck a nerve across the political spectrum. But whether she realizes it or not, her home state of New York would have a lot to lose from a return to nearly confiscatory federal tax rates on high earners. Read More

New York State's budget outlook for fiscal 2020 is improving, according to the Mid-Year Financial Plan update issued today by Governor Cuomo's Division of the Budget (DOB) The Mid-Year Update—released 10 days past the Oct. 30 deadline, keeping alive the Governor's perfect record of annual tardiness—pegs the budget gap at $3.070 billion for the fiscal year that starts next April 1.  That's down from $4.027 billion as of the end of the first fiscal quarter. Read More

New York State's so-called millionaire tax, temporarily raising the state's top income tax rate to 8.82 percent from the permanent law limit of 6.85 percent, is next scheduled to expire at the end of 2019. The added tax generates roughly $4.5 billion a year, about 9 percent of net personal income tax revenues, making New York more dependent than ever on the highest-earning one percent of its taxpayers. The future of the tax has now emerged as an issue in the gubernatorial campaign. Read More

Now that the feds have limited the state and local tax (SALT) deduction for individuals, should New York's no-longer-fully-deductible personal income tax (PIT) be converted into an employer payroll tax? Read More

Governor Andrew Cuomo today staged a public joint conference-call with California Governor Jerry Brown to discuss the impact on their respective states of a proposal to eliminate the state and local tax deduction (SALT on federal income taxes. Read More

The tax reform “framework” issued Wednesday by President Trump and congressional Republican leaders told us little we didn’t already know about their shared tax policy goals—while continuing to leave many key questions unanswered. Read More

Mayor Bill de Blasio says the wealthiest New Yorkers should "chip in a little extra"—a mere $800 million in higher income taxes, or an average of $25,000 per affected household—to pay for subway improvements and transit fare subsidies. But given Washington's tax reform agenda, de Blasio's latest soak-the-rich tax hike proposal is badly timed. Read More

From a New York perspective, the proposed repeal of itemized deductions for state and local tax payments was the (expected) headline item in the rough outline of a tax reform presented in Washington today by Trump administration officials. Read More