In this week's NY state government news, Democratic Gov. Andrew Cuomo is poised to unveil his state budget proposal, a spending plan that's likely to include calls for big changes to state taxes.
That exodus, and the reasons behind it, should have been the focus of Gov. Andrew Cuomo's 2018 budget message.
Speaking in Albany Tuesday, Cuomo said that by shifting from an employee-based income tax to an employer-based income tax would allow workers to retain their current after-tax earnings while shortchanging the federal government. "Now, as the federal government's tax plan has exposed the governor's tax tricks, we are left with a $4 billion deficit and billions lost in failed in economic development programs, all while our infrastructure is rapidly deteriorating". Overall, he said 12 states would be targeted by limiting the SALT deductions to help pay for other cuts. The payment by the employer is federally deductible. Instead, the state would levy a wage tax on the employer. For other sources of income - including investment gains - the state would continue to run its personal income tax system, Cuomo said.
The overall impact the new tax laws will have on the state budget is still uncertain, DiNapoli said. Almost all school districts in Erie County would see Foundation Aid increases of under 2 percent under the Cuomo plan.
The governor also proposed deferring tax credits for companies that receive $2 million or more in credits for one year, which would raise $300 million in state revenue, he said. State school aid will hit $26.4 billion under the Cuomo plan, an increase of $769 million. Cuomo said as the crowd of 400 applauded. "I think we should fund the DOH to do a study".
Political pressure hits AT&T-Huawei deal
The government also recently blocked several attempted Chinese acquisitions of USA companies. AT&T declined comment, but did say it had made no final decision on its suppliers for 5G.
NY is facing a projected $4-billion dollar deficit this year and a $2 billion in federal health care cuts.
Cuomo, a Democrat and a potential 2020 presidential candidate, has said he's considering replacing a portion of the state's income tax with a payroll tax, which could include new taxes on employers.
"We need to invest in the education of all NY students", Elia and Rosa said in a joint statement.
Sen. John Brooks (D-Seaford) said he has always supported medical marijuana and agreed with Cuomo's idea to study recreational legalization. It's "wholly insufficient", said Assemblyman Joseph Errigo, who represents Livingston County as part of his district.