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.

Microsoft Taps Minecraft Boss To Lead Xbox Game Efforts
He joined Microsoft in 2010 as head of Redmond Studios, before taking on his role at Mojang in 2015. This looks like one more step towards Spencer's goal.

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.

Related Articles

  • House committee votes to release Fusion GPS testimony in Russian Federation  probe

    House committee votes to release Fusion GPS testimony in Russian Federation probe

    Simpson said the man went by the name of Talwanchik and ran a "high-stakes gambling ring" out of Trump Tower in New York City. Ranking Committee Member Adam Schiff, D-Calif., also called for the release of Simpson's testimony on Monday.
    Bazemore's late hoop lifts Hawks past Pelicans

    Bazemore's late hoop lifts Hawks past Pelicans

    The adjustment is not that easy". "It feels a lot better", Tatum said Monday. "I think he's going to be pretty tight for a while". They not only forced 18 Celtics turnovers but they scored 50 points in the paint and made life hard for the Celtics' offense.
    Chris Christie stopped at TSA for evading security checkpoint

    Chris Christie stopped at TSA for evading security checkpoint

    Christie, and the state trooper who accompanied him for his security detail, complied with the instructions, the person said. On his way to Boston this morning, Christie reportedly ran into a bit of trouble at Newark Airport.
  • UAE submits complaint with United Nations  over Qatar's interception of Emirati planes

    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.

    Activision Blizzard, Inc. (ATVI) Insider ZACCONI RICCARDO sold 19761 Shares Of Stock

    Calamos Wealth Management Llc decreased Monster Beverage Corp stake by 11,241 shares to 25,931 valued at $1.43M in 2017Q3. The firm has "Outperform" rating given on Friday, November 4 by Wedbush. (NASDAQ: ATVI ) rating on Friday, October 2.
    Kim Kardashian: 'The truth about my pregnancy decision'

    Kim Kardashian: 'The truth about my pregnancy decision'

    Kim recently shared a close-up shot of a Louis Vuitton bag, fueling speculations that the baby girl's name is Louis. The internet has gone into a frenzy over whether Kardashian West's recent Instagram post was a baby name clue.
  • NFL playoff predictions | Dan Kohn's championship round picks

    NFL playoff predictions | Dan Kohn's championship round picks

    The Jaguars finished the season with a record of 10-6. "There's a lot of talk about how this game sets up well for the Jaguars ". This game will be the battle of the backup quarterbacks: Keenum for Minnesota and Nick Foles for Philadelphia.

    White House doc to give more details on Trump's health

    She read a letter written by Richard Tubb, a former physician to the president who trained Jackson and vouched for his integrity. Trump has experienced several recent episodes in which he appeared to slur his words, adding to concerns about his health.
    Serial killer behind 9 slayings in Phoenix area, police say

    Serial killer behind 9 slayings in Phoenix area, police say

    Cleophus Cooksey Jr, 35, is accused of an array of killings in Arizona in three weeks during the closing months of past year . Phoenix police are scheduled to announce more information about the murders at a press conference at 11 a.m. on Thursday.
  • Brokerage Overview of: CVS Health Corporation (NYSE:CVS)

    Brokerage Overview of: CVS Health Corporation (NYSE:CVS)

    United Cap Advisers Limited Liability Corporation, California-based fund reported 239,789 shares. (NYSE:MRK) or 657,728 shares. CVS Health Corporation (NYSE:CVS) shares were trading higher by 0.84 percent ($0.66) at $79.44 a piece in Tuesday's session.
    Punters betting on Joseph Parker to beat Anthony Joshua in Cardiff showdown

    Punters betting on Joseph Parker to beat Anthony Joshua in Cardiff showdown

    Parker recognised he had a big challenge, but remained confident. "And I'm hoping to catch him on the chin and knock him out". Every time I'm tested, and I know what I've paid to be voluntarily tested. "I know what I've paid to be voluntarily tested.
    CBB: Is this the HUGE nominations twist?

    CBB: Is this the HUGE nominations twist?

    In an announcement over the loudspeaker, Big Brother told housemates: "As you know it's against the rules to discuss nominations". This rule has been broken'. "For the next 24-hours both the hot water and the hair appliances will be switched off".