The President of the Empire Center argues a whole lot of New Yorkers have estates of at least a million dollars, the current floor above which the state takes a cut. Read More
Tag: Taxes and Spending
Gov. Andrew Cuomo's $142 billion budget proposal would cut taxes over the next several years by $2.2 billion. For fiscal watchdogs, one tax cut in particular stands out: a gradual eliminate of the estate tax, something most states don't have. Read More
Now the Empire Center has provided the answers and an update on New York's tax compared with other states, which provides support for aligning New York with federal estate tax rules as Gov. Andrew Cuomo has proposed. Read More
A coalition of pro-business interests came together Monday to sound support for Gov. Andrew Cuomo’s plan to scale back the state’s estate tax, though they argued a better plan would be to repeal it all together. Read More
E.J. McMahon, president of the fiscally conservative think tankThe Empire Center, says it's about time New York got in synch with the rest of the country, where many states have already eliminated the tax altogether. According to a report McMahon wrote for the Empire Center, two-thirds of all states—including California, Florida and Texas—have allowed their own estate taxes to disappear. New York is among the holdouts—one of 14 states that still tax estates. Read More
Supporters of Gov. Andrew M. Cuomo’s proposal to ease New York’s estate tax banded together Monday to argue that the tax hurts farmers, small business operators and downstate middle class families, not just Wall Street millionaires. Read More
Supporters of a proposal to raise New York’s estate tax threshold above $1 million say it would help thousands of homeowners, farmers and small business owners — not just the super-wealthy. Read More
What would happen if New York joined the majority of states that don’t have estate taxes? An analysis from the Beacon Hill Institute included in a report on the tax from the Empire Center shows a complete phase-out of the tax would boost the state’s gross domestic product by billions. Read More