Now that the state has enacted its biggest personal income tax cut since the mid-1990s, a prime task facing Governor Andrew Cuomo and the Legislature next year will be figuring out how to accommodate the tax cut in future budgets. Read More
Tag: Income tax
New York's budget for fiscal 2017 includes the state's biggest and broadest personal income tax cut since the mid-1990s. Equally significant, the income tax section (Part TT) of the budget's revenue bill decouples the previously temporary cuts in middle-income brackets, which will now be expanded and extended permanently, from the state's "millionaire tax," which is still due to expire at the end of 2017. Read More
Gov. Andrew Cuomo's campaign for a statewide $15-an-hour minimum wage is based on the assertion that "no one who works a full-time job should be forced to live in poverty." Few would disagree. But here's the thing: No one who works a full-time job in New York has to live in poverty — thanks largely to a program pioneered at the state level by the governor's father. Read More
Before leaving Albany for the Legislature's Presidents' Week recess, Assembly Speaker Carl Heastie tweeted up a storm in support of a new soak-the-rich tax hike proposal backed by most of his fellow Assembly Democrats. In the process, he trotted out some familiar myths and misleadingly incomplete data to support the claim that wealthy New Yorkers don't pay their "fair share" of state income taxes. Read More
The poverty-fighting effectiveness of the state and federal Earned Income Tax Credit in New York is the focus of “Making Work Pay,” a new Issue Brief from the Empire Center for Public Policy. In light of Governor Andrew Cuomo’s push for a $15-an-hour statewide minimum wage, the briefing paper explains how the EITC already serves to boost low wages to levels well above the poverty line. Read More
As the cold weather moves in, more and more New York residents move out. They used to call them snowbirds, but each year tens of thousands now stay long after the snow flies. There are two big reasons, weather and taxes, and one government watchdog group says its costing New York State. Read More
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