Issues: Income Tax

TAX CUTS AND PROPERTY TAX CAP HIGHLIGHT NEW JANUARY 1ST LAWS

Middle class tax cuts that will reduce tax rates for millions of hardworking taxpayers and the two-percent property tax cap highlight new state laws that will go into effect on January 1, 2012.

The recently enacted tax cuts will reduce tax rates on middle class taxpayers to their lowest levels in more than 50 years (Chapter 55, L.2011). About 4.4 million middle class taxpayers will receive a total of $690 million in personal income tax relief.

December 16, 2011
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Albany Tax Deal: A Start, But Far From Done

Our Town, December 15, 2011

By Liz Krueger

In another whirlwind session in Albany, Gov. Andrew Cuomo pushed through a new tax plan that will generate $1.5 billion in much needed additional revenue for the state. I supported the plan because that revenue will make it easier to balance the budget without devastating cuts to education, health care and social services, and because it creates a more progressive tax structure than we would have if we did nothing. But there is also plenty to be critical of, both in terms of the minimal progressive reform to our tax structure and the record-breaking 26 minutes the Legislature and public had to review the contents of the package.

December 16, 2011
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Gianaris Says GOP Is Taking Page from Mitt Romney Playbook

Politicker wrote about the passage of major Democratic priorities during the special legislative session.

he buzz around Albany yesterday was that Gov. Andrew Cuomo did the Senate Republicans a huge favor by taking the millionaire’s tax off the table in his tax overhaul plan. The thinking was that without that wedge issue to run against, Democrats have been denied a key talking point going into the 2012 elections.

On Fred Dicker’s radio show today, Queens Sen. Michael Gianaris, who is in charge of the Democratic effort, said Republicans should be praised for adopting the Democratic agenda.

December 12, 2011
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Sen. Gianaris on Democratic Support of Tax Code Deal

Senator Gianaris was on YNN"s Capital Tonight with Liz Benjamin to discuss the passage of the restructured tax code - a major priority for the Senate Democrats.

Watch the video here.

December 12, 2011
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Historic Middle Class Tax Cut and Job Creation Plan Signed Into Law

Governor Andrew Cuomo signed the Middle Class Tax Cut and Job Creation Plan at the Cornwell Avenue School in West Hempstead, The bill, that as passed by the New York Senate last week, reduces the state tax burden for millions of New Yorkers to their lowest levels in more than fifty years. The far-ranging plan also strengthens our economy and creates jobs by eliminating the MTA payroll tax for more than 78 percent of employers that currently pay it, provides funds for state infrastructure projects and tax credits for youth employment. The plan provides a total $3.3 billion in tax relief to individuals and businesses.

December 12, 2011
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From the Desk of Senator Martins

Tax Cuts For the Middle Class

I couldn’t wait to sit down and pen this column, and to be frank, I wasn’t sure the day would ever come. The subject is a tax cut for the middle class, an issue discussed relentlessly by politicians, but one that has proven to be a rare and elusive animal in the world of real policy. Now, after over fifty years of increased New York State income taxes, it became a reality this past week in Albany.

December 12, 2011
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MIDDLE CLASS TAX CUT AND JOB CREATION PLAN

Fact Sheet: Changes to tax rates for each tax bracket

 

The Middle Class Tax Cut and Job Creation Plan:

• Decreases the tax rate from 6.85 percent to 6.45 percent on the following incomes:o Married – Incomes between $40,000 and $150,000o Single – Incomes between $20,000 and $75,000o Head of Household – Between $30,000 and $100,000

• Decreases the tax rate from 6.85 percent to 6.65 percent on the following incomes:o Married – Incomes between $150,000 and $300,000o Single – Incomes between $75,000 and $200,000o Head of Household – Incomes between $100,000 and $250,000

December 9, 2011
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Gallivan Announces Legislation To Cap Income Taxes, Refund Excess Funds Back To Taxpayers

BILL SEEKS TO CONTROL SPENDING AS COMPANION PIECE TO NEW TAX AGREEMENT

December 9, 2011
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State Senate passes $3.3 billion tax cut for New Yorkers

No taxpayers will see their personal income taxes go up
Overwhelming majority of taxpayers to receive a tax break
91% of taxpayers affected by the PIT surcharge to receive tax cut

 

To figure out your reduced tax rate as a result of the Middle Class Tax Cut and Job Creation Plan, click here.

December 9, 2011
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Behind Rapid Deal on Taxes, Stealth Maneuvering by Cuomo

By THOMAS KAPLAN

ALBANY — Gov. Andrew M. Cuomo first notified the public that he wanted to revise New York’s income tax Sunday afternoon, with e-mail sent to the state’s newspapers, offering them an essay in which he mentioned “comprehensive reform of our tax code.”

Just two days later, the governor announced that he and legislative leaders had agreed on an overhaul of the income tax; that day, he summoned lawmakers back to Albany, and the next day, Wednesday, he invited them to a party before they had seen the measure or voted on it.

December 8, 2011
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Senator Martins on the Senate Floor About the Middle Class Tax Cut and Job Creation Plan

Senator Jack M. Martins speaks about supporting a bill to cut taxes for middl-class taxpayers on the floor of the Senate on December 7, 2011.

December 8, 2011
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Senator Dilan Announces Deal Reached on Taxes, Flood Victim Relief, Infrastructure Development and Youth Employment

Comprehensive legislation designed to spur New York’s economy and invest in the future passes Senate and Assembly

Albany—State Senator Martin Malavé Dilan (D-Brooklyn) announced that the Senate and Assembly has passed legislation that will help kick start a sluggish economy by providing modest tax relief to the middle class along with financial assistance to victims of Hurricane Irene and Tropical Storm Lee.

December 8, 2011
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Senator Martins Announces Historic $3.3 Billion Middle Class Tax Cut and Job Creation Plan

Extensive Bill Signed by Senate, Assembly and Governor Will Amend Tax Code, Cut MTA Payroll Tax

Along with Governor Cuomo and the Assembly, the New York Senate today passed an historic Middle Class Tax Cut and Job Creation Plan that reduces the state tax burden for millions of New Yorkers to their lowest levels in more than fifty years. The far-ranging plan also strengthens our economy and creates jobs by eliminating the MTA payroll tax for more than 78 percent of employers that currently pay it, provides funds for state infrastructure projects and tax credits for youth employment. The plan provides a total $3.3 billion in tax relief to individuals and businesses.

December 8, 2011
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Cuomo Considers Changing N.Y. Tax Code as Economy Struggles

Nov. 30 (Bloomberg) -- Governor Andrew Cuomo is considering restructuring New York's tax code as he prepares a budget that must close a deficit as large as $3.5 billion after a temporary surcharge on those earning at least $200,000 expires Dec. 31.

Cuomo has said he opposes the state's so-called millionaire's tax. With the levy set to expire at year's end, he's now discussing a broader rethinking.

"What I'm looking at is what do you do with the tax code and how you use the tax code to stimulate jobs," the 53-year- old first-term Democrat said on WGDJ in Albany today.

December 8, 2011
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Senate Passes $3.3 Billion Tax Cut and Job Creation Plan

Posted by Majority Press on Wednesday, December 7th, 2011   

December 8, 2011
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Oppenheimer Endorses Governor's Job Creation Package Bringing MTA Payroll Tax Relief and Greater State Role in Flood Mitigation

State Senator Suzi Oppenheimer (D-Mamaroneck) today applauded Governor Cuomo’s comprehensive Job Creation package, which includes significant reductions in the MTA Payroll Tax and state flood relief assistance for individuals, small businesses, and local governments hard hit by recent flood disasters.

Senator Oppenheimer stated, “The MTA Payroll Tax needs to be eliminated for suburban counties. The $250 million cut in the payroll tax, which is targeted to small businesses, self-employed individuals and private and parochial schools, will be of special benefit to Westchester.”

December 8, 2011
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Senate, Assembly, Governor agree on tax relief plan to spur economic growth

STATEMENT BY SENATOR BETTY LITTLE

     "The goal of this agreement approved tonight by the Legislature is to encourage economic activity and job growth. There are a lot of national and international economic factors beyond our control. We need to do what we can on the state level and the time to act is now, not putting off action until next year’s session or within the context of negotiating a state budget.

     "Cutting income taxes for the vast majority of New Yorkers, new incentives for businesses, accelerating infrastructure projects, providing aid for storm-ravaged communities: all of this is being done to move our economy forward rather than wait and see or simply hope the situation improves.

December 8, 2011
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SENATE PASSES $3.3 BILLION TAX CUT & JOB CREATION PLAN

Bill Cuts Taxes for 4.4 Million New Yorkers; Repeals MTA Payroll Tax for Most Businesses;

Reduces Taxes on Manufacturers; Invests in Job Creation & Retention

 

December 8, 2011
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SENATOR SKELOS ANNOUNCES PASSAGE OF $3.3 BILLION TAX CUT AND JOB CREATION PLAN

The New York State Senate today passed the Middle Class Tax Cut and Job Creation Plan that will reduce taxes for millions of hardworking, middle-class taxpayers to their lowest levels in more than half a century.  In addition, the comprehensive plan will help strengthen our economy and create new jobs by eliminating the job-killing MTA payroll tax for more than 78 percent of the small employers that pay the tax.  The plan will provide a total of more than $3.3 billion in tax relief to individuals and businesses.

December 7, 2011
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