To restore the full deduction, E.J. McMahon, research director for the Empire Center for Public Policy, said congressional Democrats would have to line up behind tax hikes on very high earners, something that would be rejected by Republicans and the White House.
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.
When motorists in New York top off their gas tanks this Labor Day weekend, they’ll be paying an average of about 45 cents per gallon in state and local fuel taxes—the 5th highest total in the nation, and second highest in the Northeast.
The newly enacted federal income law provision limiting state and local tax (SALT) deductions "is likely to substantially decrease home values" in New York, Connecticut, Maryland and New Jersey.
That's a key claim of the lawsuit filed by the four states against the Trump administration today with the goal of having the $10,000 SALT deduction cap declared unconstitutional.
High-tax New York has just lost one of its oldest money-management firms to low-tax Nashville, Tennessee—highlighting an ongoing shift of Wall Street jobs, and of high earners in general.
The region’s highest 2017 effective tax rate - $62.95 per $1,000 of home value - was shouldered by Village of Liberty homeowners, according to an Empire Center report released Monday.
Count New York’s government-employee unions among the biggest winners of this year’s budget battle — with taxpayers as the big losers.
In the dead of night, the Legislature adopted language that aims to protect public unions’ political power from a likely US Supreme Court ruling.
Led by New York's Charles Schumer, U.S. Senate Democrats just unveiled a "Jobs and Infrastructure Plan" that would be financed disproportionately by Empire State taxpayers.
To cover the 10-year, $1 trillion price-tag of their package, Senate Democrats would reverse several provisions of the newly enacted federal tax changes—including reductions in the top income tax rate and in the Alternative Minimum Tax (AMT).