Wednesday, January 03, 2018

Cuomo suggests shifting away from state income tax to dodge Trump tax bill. In State of the State address, governor said he will 'explore' substituting payroll and carried-interest taxes.

Crain's New York reports:
Gov. Andrew Cuomo wants to help New Yorkers avoid federal taxes.

That was one of the core messages of the Democrat's State of the State address Wednesday, where he reprised his earlier promise to sue to stop the new GOP-backed tax law's repeal of state and local deductions—but also indicated he might look to radically transform Albany's entire revenue-generating system. The state and local tax write-offs have cushioned wealthy and upper-middle-income residents in high-excise states such as New York and California from paying taxes twice on the same income, but the tax reform bill President Donald Trump signed in December ended that provision.

Cuomo reiterated that he believed this "double taxation" was unconstitutional, but announced his administration was exploring shifting away from a state income tax to a combination of other measures.

"Washington has shot an arrow into New York's economic heart," he said in his speech at the Empire State Plaza Convention Center. "The best plan is to get out of the way before it hits."
The struggle of Blue America.