“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
Tag: Income tax
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
"Start-Up New York is proof positive that taxes aren't the only thing that's hindering business in the state of New York. It's clearly something bigger," Empire Center Policy Analyst Ken Girardin. Read More
A job-creation program highly touted by Gov. Andrew Cuomo's administration created just 408 new jobs in its first two full years, despite an advertising campaign that cost state taxpayers tens of millions of dollars. Read More
Among the nation's four most populous states, New York is better prepared than California to weather the next recession—but not as well-prepared as Florida and Texas, according to fiscal stress test results from Moody's Investor Service. Read More
New York's new state budget includes the biggest permanent "middle class" income tax cut in 20 years. Gov. Cuomo and the Legislature can pay for it by restraining spending and enacting more tax reform. Read More
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
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