For Gov. Andrew M. Cuomo, the idea must seem like sweet payback for the pains inflicted on his state by the new federal tax plan: an elegant workaround whereby New York could replace its state income tax with a payroll tax and leave Washington, not Albany, on the hook for billions of dollars in lost revenue. But like so many white-paper plans, the proposal — while still in its larval stage — is already running headlong into a barrage of practical questions about how precisely such a switcheroo might work. “The more you think about this,” said E.J. McMahon, a conservative economist and founder of the Empire Center for Public Policy, “the more it makes your head spin.” Read More
Tag: New York State
Wonder why New York pays through the nose for everything from health care to construction projects to auto insurance — and taxes? A new report from the Empire Center has a one-word answer: lawsuits. Read More
New York’s civil liability laws should be brought closer to the national mainstream with a series of reforms designed to balance more fairly the rights of plaintiffs and defendants, according to a report released today by the Empire Center for Public Policy. Read More
Any savings in New York, particularly in the New York City suburbs with high taxes, would be negligible compared with what other states may see, said E.J. McMahon, president of the Empire Center, a fiscally conservative group in Albany. "This much is clear: A couple falling well within the middle class by downstate standards — people, in most cases, living paycheck-to-paycheck in modest suburban homes — will realize much smaller savings than their counterparts in lower-cost, lower-taxed states across the country," he wrote. Read More
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