Tag: Income tax

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

The stock market turmoil of the last week is a reminder of why it's risky, verging on foolhardy, for New York's state government to depend as heavily as it does on high-income households and Wall Street investors. In the current fiscal year, taxes paid by the highest-earning 1 percent of New York taxpayers—including commuters to jobs in the state—are expected to generate 43 percent of personal income tax receipts, which in turn translates into 27 percent of total state taxes. Read More

The governor who led New York State out of the fiscal crisis of the 1970s died Sunday at the age of 92. Carey’s last great public service came when he emerged from retirement in 2005 to fight a proposed constitutional amendment weakening New York’s executive budget law. Read More