By midnight on April 15, more than 8.5 million personal income tax returns for 2013 will have been filed with the New York State Department of Taxation and Finance. Roughly one-third of those filers will owe nothing, and big chunk of total PIT receipts will come from a tiny fraction of high-income taxpayers.
New York ranks number-one in the Tax Foundation’s latest annual ranking of combined state and local tax burdens, released this morning. As of 2011, the combined per-capita tax burden on New Yorkers came to 12.6 percent of per-capita state income, the report said. The national average was 9.8 percent.
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As if $420 million in annual handouts to the film and television industries wasn’t enough, New York State legislators are now proposing to give millions to the music industry and Broadway.
Gov. Cuomo today announced yet another enormous state tax subsidy for the entertainment industry — this time for Disney and Netflix to produce a live-action Internet TV series based on Marvel Comics superheroes in New York City.
New York is one of only 14 states that still impose an estate tax. The new state budget moves a big step towards repeal—but more needs to be done to avoid chasing away wealth.
A challenging fiscal environment and notoriously high property taxes have raised structural and service issues to new levels as communities explore the potential efficiencies to be gained through shared services, dissolution and consolidation.
In his fourth annual State of the State message tomorrow, Governor Andrew Cuomo will (naturally) seek to highlight the most positive aspects of New York’s economic performance under his leadership.
A bill implementing a larger New York City income tax hike than the one proposed by Mayor-elect Bill de Blasio has been introduced in the Legislature by state Sen.Adriano Espaillat, a Democrat representing upper Manhattan and the Bronx.
The Pataki-McCall tax commission report unveiled on Long Island today is a decidedly mixed bag..
The expected state court battle over newly enacted public pension changes in Illinois will bear close watching throughout the country–especially in New York. That’s because, when it comes to protecting pension benefits, the 1970 Illinois State Constitution closely follows the wording of New York’s 1938 State Constitution.
The report of Governor Cuomo’s Tax Reform and Fairness Commission is a useful, well researched collection of interesting and provocative ideas — some much better than others. Not a bad place to start a further exchange of ideas leading to a fruitful debate on the topic, assuming such a thing is possible in Albany.