State Tax Workarounds Could Mean $154 Billion Lost to Treasury
- Restructured state taxes could swell cost of the new tax law
- NY budget director wants draft legislation within 30 days
State Tax Workarounds Could Punch Hole in Federal Budget
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New York state lawmakers could punch a $50.6 billion hole in the federal government’s budget by revamping their state income tax.
If California followed the same approach, its legislature could keep $66.8 billion out of the U.S. Treasury. And in New Jersey, state lawmakers could hold back $12.5 billion more.