Tell the Assembly: Protect NYers from $1.5B Stealth Tax Hike, Pass No-Brainer Tax Code Fix
The last thing New Yorkers can afford right now is more taxes. Governor Cuomo’s budget includes about $1 billion in new taxes and fees – but there’s another $1.5 billion stealth tax hike lurking as well.
New York’s tax code was designed to mirror the federal tax code. With recent federal changes, New Yorkers lack the flexibility to maximize their savings on state taxes.
It’s a no-brainer to fix New York’s code and block the upcoming $1.5 billion increase in the state tax burden.
The Governor’s budget doesn’t do that, so the State Senate passed a bill to avoid this situation. Now it’s up to the Assembly.
Here’s what you need to know:
A new analysis shows that the Governor’s budget fails to stop an automatic $1.5 billion tax increase on New York taxpayers.
This can be fixed through legislation. The Senate passed such a bill, and now the Governor has said he will introduce legislation to fix the issue.
Some Albany politicians have complained about the loss of federal local tax deductions, but they’ll be doing the same thing to New Yorkers at the state level without making these commonsense changes.