Tag: Tax Burdens

New York State's so-called millionaire tax, temporarily raising the state's top income tax rate to 8.82 percent from the permanent law limit of 6.85 percent, is next scheduled to expire at the end of 2019. The added tax generates roughly $4.5 billion a year, about 9 percent of net personal income tax revenues, making New York more dependent than ever on the highest-earning one percent of its taxpayers. The future of the tax has now emerged as an issue in the gubernatorial campaign. Read More

When motorists in New York top off their gas tanks this Labor Day weekend, they’ll be paying an average of about 45 cents per gallon in state and local fuel taxes—the 5th highest total in the nation, and second highest in the Northeast. Read More

The newly enacted federal income law provision limiting state and local tax (SALT) deductions "is likely to substantially decrease home values" in New York, Connecticut, Maryland and New Jersey. That's a key claim of the lawsuit filed by the four states against the Trump administration today with the goal of having the $10,000 SALT deduction cap declared unconstitutional. Read More

Count New York’s government-employee unions among the biggest winners of this year’s budget battle — with taxpayers as the big losers. In the dead of night, the Legislature adopted language that aims to protect public unions’ political power from a likely US Supreme Court ruling. Read More

Led by New York's Charles Schumer, U.S. Senate Democrats just unveiled a "Jobs and Infrastructure Plan" that would be financed disproportionately by Empire State taxpayers. To cover the 10-year, $1 trillion price-tag of their package, Senate Democrats would reverse several provisions of the newly enacted federal tax changes—including reductions in the top income tax rate and in the Alternative Minimum Tax (AMT). Read More

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The Empire Center is an independent, non-partisan, non-profit think tank located in Albany, New York. Our mission is to make New York a better place to live and work by promoting public policy reforms grounded in free-market principles, personal responsibility, and the ideals of effective and accountable government.