Soaking the rich—or not by E.J. McMahon | | NY Torch

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.

Another SALT work-around emerges by E.J. McMahon | | NY Torch

After months of behind-the-scenes work, the state Department of Taxation and Finance is circulating a "discussion draft" of proposed bill language creating a new form of state tax designed to preserve some federal income tax deductibility for state and local taxes (SALT) paid by partners in unincorporated firms.

No tax news is good news, for now by E.J. McMahon | | NY Torch

One of the best things about New York's newly adopted state budget for fiscal 2016 is something that's not in it (yet): a costly new state subsidy of homeowners' local property taxes.

Governor Cuomo's Executive Budget proposal included an income tax credit (of the type also known as a "circuit breaker") that, when fully implemented by 2019, would funnel $1.7 billion a year to about half of the state's homeowners, plus renters.

A tangled broadband proposal by Ken Girardin | | NY Torch

As part of his plan for allocating $5.4 billion in one-shot windfall funds, Governor Cuomo wants to spend $500 million to expand the availability and capacity of broadband Internet access across New York. But given pressing traditional infrastructure needs, should broadband rate a high priority? Do we really need it? The governor's case, on closer inspection, is less than compelling.
1 2 23