Cuomo Seeks New York Tax Revisions to Thwart Federal Changes
- Governor plans to replace state income tax with employer levy
- Trump plan launched ‘an economic missile’ at N.Y., Cuomo says
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New York state would end income taxes on wage earners and make up the revenue with an employer payroll tax that’s federally deductible as part of a restructuring plan that Governor Andrew Cuomo is recommending to mitigate harmful effects of the new U.S. tax code.
The new federal law limits deductions for individuals’ state and local taxes -- raising levies 25 percent on all New Yorkers, no matter where they live, Cuomo said Tuesday. The federal changes could push residents and businesses out of state, the Democratic governor said as he presented a budget for the next fiscal year.