Governor Andrew Cuomo of New York is trying to figure out a way to ‘protect’ New Yorkers from the new Federal tax laws that will no longer allow you to deduct State income taxes when it comes time to pay Federal taxes.
Now, I’m not for taxes of any kind, but I am somewhat enjoying the gymnastics Cuomo and other states are trying to pull off in getting around a change in the Federal tax law that makes the pain of these high-income taxes all the more real and painful to the people in those states.
Whatever the intention behind the Federal tax law changes, I cannot help but enjoy the fact that these high tax rate states have to now face the direct wrath of people they’ve been gouging for decades, people who may very well have voted for the gouging, with an understanding that they could shift much of the cost onto the Federal government by enjoying less Federal taxes thanks to being able to make these big deductions.
Let them pay taxes and feel it directly. Then, and only then, will they be moved to do something about high taxes in the first place.
|Cuomo proposes voluntary payroll tax to avoid fed tax hit|
Gov. Andrew M. Cuomo on Monday proposed an optional payroll tax that would be paid by employers as a way to shield some higher-earning New Yorkers who also pay high property taxes from paying more federal income taxes under the new federal tax law.
Whether employers will join the plan and whether Congress and President Donald Trump will allow New York to avoid paying as much as $14.3 billion more in federal income taxes remain questions, said state budget director Robert Mujica on Monday.
“I don’t underestimate what they want to do,” Mujica said of Trump and the Republican-led Congress. The federal tax law passed in December. “We think we are living within the structure of the law.”
|Read more at newsday.com|