Tag: Income tax

Tax proposals embraced by Democrats represent a sizable increase in a top rate that already stands at an all-time record high. Read More

Just a year after the Empire State was clobbered by the coronavirus, New York’s Legislature confronts an embarrassment of revenue riches. Read More

The U.S. Supreme Court today kept alive federal litigation that could cost New York a big chunk of the billions of dollars in taxes it collects from nonresidents working for New York-based employers. Read More

The Empire State has long asserted the right to tax nonresidents commuting to work in New York—even when their work is done at home. The payoff for Albany is huge: as of 2018, newly released state data show, nonresidents generated $7.4 billion in New York State personal income taxes, 15 percent of the total. Most of that came from people who were regular commuters before COVID-19 hit. Read More

New York's exceptionally wealthy state tax base is also exceptionally fragile, due to its heavy dependence on the highly volatile (and portable) investment-driven incomes of Wall Street workers and fund managers. 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

Sen. Kirsten Gillibrand has apparently doubled the price tag of her Medicare buy-in proposal, from 4 percent of income to 8 percent – but the math still does not add up. Read More