HARTFORD — Liberal Democrats in the state House are looking to raise the income tax rate for the state’s wealthiest taxpayers. Members of the Progressive Democratic Caucus have yet to settle on a proposed increase to the top 6.99 percent rate, but they have set a ceiling of 2 percent to remain competitive with surrounding states. Another priority that was laid out on Thursday is expanding the state’s earned income tax credit, and caucus members will also oppose repealing the estate and gift tax. A Democrat-controlled legislature and former Gov. Dannel P. Malloy approved income tax changes in 2015 that increased the former top rate of 6.7 percent to 6.9 percent and added a new top rate of 6.99 percent. Rep. Josh Elliott, D-Hamden, said members of the Progressive Democratic Caucus believe a new top rate is warranted. He said he favors something close to 9 percent based on the top rates in neighboring New York state and nearby New Jersey. The top rate in New York is … [Read more...] about Democrats seek to raise state income tax
State income tax new york
Sections SEARCH Skip to content Skip to site index New York Subscribe Log In Subscribe Log In Advertisement Supported by New York Today ByAlexandra S. Levine and Jonathan Wolfe July 18, 2018 Good morning on this flawless Wednesday. A bill being introduced in the City Council today would require green roofs, solar power or wind turbines to be installed on new skyscrapers going up around New York. The goal: to lower our energy output. “Right now, the big conversation is around what we can do to combat climate change, and now more than ever, when the federal government is rolling back all the progress we’ve made to reduce our carbon footprint in the country, we have to step up,” Councilman Rafael L. Espinal Jr. of Brooklyn, the bill’s lead sponsor, said in an interview. “We have to look at the infrastructure improvements we can make here to ensure we’re doing our part in reducing our carbon … [Read more...] about New York Today: Will Green Roofs Get the Green Light?
Ohio has been among the top 20 states collecting the most in state and local individual income taxes per capita from the fiscal years 2013 to 2015. Ohio ranked No. 16 with the state collecting $1,186 per person for in the fiscal year 2015, the latest available data, according to a new report from the Tax Foundation. “On average, state and local governments collected $1,144 per person from individual income taxes, but collections varied widely from state to state,” said Katherine Loughead, a policy analyst for the policy research organization. Ohio moved up a spot from the fiscal year 2014 when the state and local governments combined collected $1,220 per person. But the state was ranked even higher at No. 12 for the fiscal year of 2013 when tax collections were $1,268. The individual income tax was the single largest source of revenue for states, accounting for 36.5 percent of all state and local government revenue in 2013. While it remains a significant revenue source, … [Read more...] about Report: Ohio ranks 16th in nation for paying highest state, local taxes
Herb Jackson and Joseph Spector Democrat and Chronicle Published 10:41 p.m. UTC May 23, 2018 The Internal Revenue Service said Wednesday it will issue new rules that could thwart efforts by New Jersey and New York officials to get around a provision of the new federal tax code that hurts their states more than most other states. Leaders of both states accused President Trump's administration of playing politics, and they vowed to fight any IRS rules. "The administration appears poised to attack again through new tax regulations, showing its true hostility to New Yorkers and middle-class taxpayers," Gov. Andrew Cuomo said in a statement. In March, New York leaders approved a new payroll tax and a charitable contribution program in a bid to usurp the federal tax code approved in December that limits state and local tax deductions. More: Marc Molinaro gets GOP nod for governor, vows to cut taxes More: School budget turnout: Why it's plummeting in New York More: … [Read more...] about New IRS rules target New York attempt to take sting out of Trump tax reform
By Richard Rubin and Richard Rubin The Wall Street Journal BiographyRichard Rubin @RichardRubinDC [email protected] Mike Vilensky Mike Vilensky The Wall Street Journal BiographyMike Vilensky @mikevilensky [email protected] May 2, 2018 5:30 a.m. ET 0 COMMENTS New York state lawmakers found a clever way for employers to help their workers circumvent a new $10,000 federal cap on state and local tax deductions. Employers, however, so far aren’t crazy about it. The idea, which became law last month, creates a new optional payroll tax that shifts the state and local tax deduction from individuals who can no longer fully take it to businesses that can. Employers are worried about compliance costs, interactions with union contracts, complexity across state lines and the difficulty of explaining to workers how a plan that might lead to smaller pay raises still puts more money in their pockets. “It’s a creative approach by the governor’s … [Read more...] about Companies Skeptical of New York’s Creative Workaround for Tax Deduction Caps