April 25, 2018

NY may scrap its income tax for a payroll tax

12 January 2018, 07:57 | Melvin Schneider

NY may scrap its income tax for a payroll tax

NY may scrap its income tax for a payroll tax

The governor argued that "Washington's tax plan now uses NY and California as piggy banks to finance tax cuts for Republican states".

Of course, Cuomo has been silent over how, through those deductions, the rest of the country has subsidized New York's tax burden for some time now. "Restraint is needed, so I'll review all of (Cuomo's) proposals as well as those to come in the Executive Budget with that in mind", Little said in a statement.

Cuomo also outlined anti-sexual harassment proposals, announced earlier, that would end secret settlements and state taxpayer-financed payouts to victims, as well as establishing a statewide whistleblower protection system for alleged victims of sexual harassment.

Mayor Bill de Blasio on Friday said he plans to rip a page out of Gov. Andrew Cuomo's playbook by forcing private companies that do city business to disclose claims of sexual harassment against their employees.

But New York has high taxes and imposing a $10,000 cap will significantly raise taxes for many in the state. The GOP-controlled Congress passed the bill and President Trump signed it. Cuomo is a Democrat.

The Democratic speaker of the New York Assembly and the Republican majority leader of the state Senate have also indicated support for mitigating the impact of the federal tax bill, but neither has announced any specific plans.

These red states, especially states such as Alabama and Louisiana, already receive more in federal aid than they pay in federal taxes, according to the Huffington Post. "If we do not fix this problem, it is a question of the State of New York's economic viability long term".

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The Governor rightly acknowledged the significant drop in crime across the state, but failed to acknowledge the huge role that initiatives here in New York City such as the Community Safety Act, the Criminal Justice Reform Act, and the Crisis Management System for combating gun violence have had in effecting that change.

Calling the tax overhaul an "economic civil war", he said he's studying how to revamp the state's tax structure to convert the income tax into a payroll tax.

Lilian Faulhaber, associate professor of law at Georgetown University Law Center, told CNN the now-eliminated SALT deduction greatly helps New Yorkers get a break on their taxes.

"We need to look at tax reform overall so I would welcome and examination and a termination of our tax code, but we don't want to see new taxes, we want to see tax relief", said Senator Joesph Griffo (R. - 48th District).

"But on closer inspection, even taken on its own terms, the payroll tax idea is not almost as simple as it sounds". I didn't expect to see the microcontent that was included past year in it.

"While we continue to try and keep our taxes as low as possible, the tax cap should recognize that certain capital improvements should be exempt from the cap calculations", Wood said.

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