New York State has long been home to a large share of the nation’s wealthiest households. But since the Great Recession ended, the Empire State has fallen behind when it comes to gaining additional income millionaires Read More
Tag: Income tax
Seemingly stalled on health care and Medicaid, congressional Republicans and the Trump administration will soon turn their attention to taxes—another area in which federal reform offers mixed prospects for New York State. Read More
Gov. Cuomo says Democrats lost the presidential race last November because they ignored middle-class voters. His answer? Don’t ignore them — lie to them. Read More
If you’re not a millionaire, you might think Gov. Andrew Cuomo’s millionaire tax surcharge won’t hurt you. Think again. Read More
Nearly two-thirds of New York State’s tax receipts are now generated by the personal income tax, or PIT, which relies disproportionately on the highest-earning one percent of New York taxpayers. This paper presents charts and tables highlighting notable trends in state PIT data in light of proposals to extend or increase the state’s so-called “millionaire tax,” along with scheduled PIT rate reductions in tax brackets below the highest income levels. Read More
In other words, as EJ McMahon at The Empire Center pointed out this morning, these tax cuts for middle earners were already approved in last year’s budget plan. Read More
“What we have here is a gazillionaire’s tax,” said E.J. McMahon, director of the New York think tank Empire Center for Public Policy. “Heastie wants to see Cuomo and raise him.” Read More
New York ranks 49th out of 50 states in the Tax Foundation's 2017 State Business Tax Climate Index, released today. (New Jersey seems permanently mired in last place, so we've got that going for us, which is nice.) The Empire State's overall ranking on the widely noticed index is unchanged from last year, has ranged between 48th and 50th for a decade now, and has been 49 for most of Governor Andrew Cuomo's tenure. Read More