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By age group, Generation X caregivers spent the most money, at more than $8500.00 in out of pocket expenses, while Generation Z and Millennials spent a larger share of their total household income.
“It’s going to have an enormous impact within this community just helping families make ends meet.”
“Sixty-three percent of Earned Income Tax Credit recipients spent some, or all of their payment on paying down debt.”
“The car is a way of life here. It is not just for recreational purposes. People need this to go to work. People need this to take care of business.”
Some families fall below the income threshold for filing taxes. If that is the case, they will not be identified by the IRS to receive the payments.
The legislature is proposing $7 billion dollars in new taxes on the wealthy and corporations, and $4 billion dollars more in school aid.
A recent study found New York’s over 120 billionaires increased their wealth by $88 billion dollars during the pandemic.
Democrats have said those tax hikes, coupled with other revenue raisers targeted at the wealthy, could generate more than $8 billion for the state each year.
“If you’re not careful the way you do it, you may actually lose money for the state because businesses and residents will make changes.”
Cuomo’s plan would add a new, higher income tax bracket for New Yorkers making over $5 million a year. The wealthy would have the option of prepaying their taxes for the next two years at the 2020 rates.
A study by left leaning groups calculates that the state’s billionaires saw their earnings and investments rise by 16.8% during the first ten months of the pandemic.
Mayor Bill de Blasio spent the better part of three hours on Thursday morning asking state lawmakers to empower localities to fight the pandemic and distribute vaccines, and raise taxes on ultra-wealthy New Yorkers.
The steepest decline in sales tax collections happened during the peak of the pandemic, when sales tax collections dropped by about 27% statewide.
It would lead taxes to skyrocket for some of the wealthiest taxpayers, “which would be the highest income tax in the nation.”
The Assembly Leader said it would be ideal to approve tax hikes on the rich before the start of the year instead of waiting to address the issue as part of the state budget in March.
Governor Cuomo had said on Sept. 10 that New York might have to raise taxes to deal with its massive budget deficit but has since walked back those comments.
The bulk of New Yorkers, over 9 million, have already filed their taxes, but around 1.3 million have not and are expected to do so by Wednesday.
The Democratic Governor has pitched the same overhaul to Pennsylvania’s corporate tax structure for five years in a row.
“It’s a sales tax. It was actually brought in by the Republican Party in 1905 because Republicans don’t like income taxes, they prefer sales taxes.”
The proposed Department of Labor rule notes that it could allow employers to save some money by letting tipped and non-tipped workers pool their pay.
The leader of the New York state Senate said she does not think there will be new broad-based taxes on the wealthy to close the state’s multi-billion dollar budget shortfall.
New York State is facing the largest budget gap in several years. The $6 billion dollar deficit is due largely to higher costs for Medicaid.
The Assembly Speaker said it’s a better choice than “cutting health care or denying health care” to New Yorkers.
“It is about transparency, and making sure that we have folks governing us who are not circumventing the law or getting away with things that they should not.”
“The President and his administration has repeatedly shown a true hostility to the rule of law and Presidential customs. No one is above the law.”
“A lot of New Yorkers, and frankly, Americans have questions about what he’s hiding.”
When a guest books a trip to New York through an online platform, these taxes would be automatically charged and collected.
State Republican Party Chairman Ed Cox said that state Democrats have been afflicted by “Trump Derangement Syndrome,” and that they ought to pay attention to state issues.
Details of some issues are still being worked on, like how to create a congestion pricing system for parts of Manhattan.
The location was strategic, giving Wolf a chance to highlight the kind of infrastructure projects he’d like to complete with the $4.5 billion his administration says the tax would produce.
“We think we need to come out even stronger and enshrine this two-percent tax cap and make it permanent.”
Governor Andrew Cuomo says changes to the federal tax code led to a growing state deficit and is causing some high income earners to leave the state. But progressive groups, some democratic state legislators, and even some millionaires, are pushing back.
The New York State Senate passed a bill to make the state’s eight year old property tax cap permanent. So far the Assembly has not approved the measure.
The new federal tax law means big changes for divorcing couples in 2019.
The IRS estimates that more than $65 million has been lost to phone tax scammers in the last five years. The calls are most common during tax season in March and April.
Congressman Tom Reed returned to the Southern Tier this week and faced heat over his support of the big GOP tax bill that just passed the House of Representatives. The Republican’s district includes Elmira, Corning and Ithaca. He was an architect of the bill. At a town hall at the American Legion in Horseheads, Reed was greeted with jeers. The building was packed with residents who disapprove of the Republican tax bill.
Tompkins County commercial property owners can learn tonight about a low-cost way to improve their energy efficiency. The Energize New York program has an information session at 5:30 p.m. in The Space at Ithaca’s GreenStar Market. Energize New York has been operational since 2014, but upstate counties are just now getting on board. The program offers low-interest loans to building owners who want to make efficiency upgrades or install renewable energy technology. Executive Director Mark Thielking says the funding is comparable to a public utility, but the benefits it provides come over a longer timeframe.