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January 5, 2018

Getting Rid Of NY State's Income Tax?

During Governor Andrew Cuomo's State of the State address, he proposed a new way to restructure the state's tax code. His idea is to eliminate the state's income tax system and adopt a statewide payroll tax system.

This idea is in response to the new tax law signed by President Trump that caps state and local tax deductions at $10,000.

With this idea, employers would pay taxes back to the state with a payroll tax instead of a state income tax being taken from the employees.

"It's a sort of convoluted way of collecting the same money for the state, but having it come from a different source," said Marcy Robinson-Dembs, attorney. i

Read the full article here.

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