Cuomo Admin Unveils Menu of Options for Tax Overhaul

Cuomo Admin Unveils Menu of Options for Tax Overhaul

The Business Council's Heather Briccetti says wealthy hedge fund managers already pay a significant portion of the total taxes collected in the state, and could cause them to leave the state.

Here's a story I have in today's Times Union about the preliminary plan to shift employee income taxes to employer payroll taxes.

Wamhoff notes that much of the effort focuses on protecting upper-income New Yorkers - that is those who are paying more than $10,000 in state or local property taxes.

Yes, it's Gov. Andrew Cuomo's annual Executive Budget speech.

Gov. Andrew Cuomo recently announced $20.5 million in funding for 29 airport projects across NY state and $27,000 of that funding will pay for new signage at the Fulton County Airport.

A separate proposal would do away with the income tax and instead offer a credit to employers. Lawmakers hope to pass a new state budget by April 1.

UAE submits complaint with United Nations over Qatar's interception of Emirati planes
It said the interception was a threat to the safety of the civil flights a breach to the rules of worldwide law, WAM reported. Qatar denies the charge and has accused the four countries of trying to make it conform to their foreign policy positions.

DeFrancisco disagrees with Cuomo on the federal tax law.

The tax overhaul Trump signed in December caps a deduction for state and local taxes at $10,000-the deduction was previously unlimited-which may increase the federal tax liability for many homeowners in high-tax states such as NY and New Jersey. State Republican Party Chairman Ed Cox was less diplomatic, saying Cuomo should look for ways to cut existing taxes rather than pursue a "ridiculous and unrealistic payroll tax that will only harm the state's economy further".

There are numerous reasons NY would want to retain some form of an income tax; keeping it in place would protect existing tax incentives, such as for organ donation or renewable energy initiatives, which could disappear if the income tax code were eliminated entirely, Mr. Galle said. Then there are the 2 million taxpayers whose incomes are so low that they don't pay any income taxes. L. No. 115-97), signed December 22, 2017, by President Donald Trump, allows taxpayers to deduct up to $10,000 of property taxes and state and local income or sales taxes. Under this plan the state would still receive revenue and taxpayers could deduct the amount of their contributions from their federal taxes. "These state investments will assist NY airports in achieving their mission, which is to further economic development".

And those who get squeezed are the very same people hit by the federal changes. The last thing New Yorkers need is ... more taxes.

"Absent changes to New York's tax code, the law's limitations on the deductibility of state and local taxes will cost New York's taxpayers an additional $14.3 billion per year", the report concluded.

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