Tag: Federal tax reform

New York socialists calling for higher taxes aim to spread the tax net far beyond Wall Street, scooping up folks on Main Street—especially in the suburbs. Bemoaning “violent budget cuts” at New York City agencies, Rep. Alexandria Ocasio-Cort Read More

In what could rank among the least surprising federal court rulings of this or any year, a U.S. District Court judge in Manhattan has rejected New York's constitutional challenge to the state and local tax (SALT) deduction cap in the new federal tax law. Read More

However, the Empire Center issued a report saying that most New Yorkers paid a lower federal tax bill because of the rate cut and the increase in the child care credit. Most of the impact was to the top 1% of income earners, who generate 40% of the state’s tax revenue. 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