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
For the better part of three years now, Gov. Cuomo has been pounding SALT — the federal income-tax deduction for state and local taxes. Read More
Federal income taxes paid by New Yorkers decreased by nearly $3.4 billion in 2018, the first year of the new federal Tax Cuts and Jobs Act (TCJA), according to newly released Internal Revenue Service data. 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’s new budget — the actual state-government expenditure plan, that is, as opposed to numerous side issues packaged with it — apparently came in close to Gov. Andrew Cuomo’s bottom line. 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
Governor Cuomo has launched yet another broadside at the Trump administration over implementation of the new federal tax law. Read More