After months of behind-the-scenes work, the state Department of Taxation and Finance is circulating a "discussion draft" of proposed bill language creating a new form of state tax designed to preserve some federal income tax deductibility for state and local taxes (SALT) paid by partners in unincorporated firms.
Long Island voters will weigh in Tuesday on nearly $13 billion in proposed spending for the 2018-19 academic year that affects about 440,000 public school students, in an election season with a focus on security spurred by the February mass shooting in Parkland, Florida.
“New York’s school districts are receiving record-high levels of aid from Albany to educate fewer students, and our school taxes are still climbing,” said Tim Hoefer, executive director of the Empire Center.
Nearly half of the 669 school districts are proposing tax levy increases that go right up to the cap, according to an analysis by The Empire Center, a fiscally conservative think tank. A total of 309 districts are at the cap limit. The center claims this fact is evidence that school districts would have proposed higher levy increases without the cap.
New York state and Gov. Andrew Cuomo continue to pick the pockets of hard-working taxpayers.
"Number one, this money is not being used to fund public priorities. Number two, it's using borrowed money and forcing future taxpayers to pick up the tab for politicians to win political points today," said Ken Girardin, policy analyst at the right-leaning Empire Center for Public Policy.
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.
Cuomo has further boosted the state’s already heavy reliance on taxes paid by income millionaires. This has made Albany’s revenue base more fragile and volatile — a problem aggravated by the new federal cap on state and local tax deductions, which effectively raises total tax rates for New York’s highest earners.