Today: 15.08.2018
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14.08.2018

New York’s coming stealth tax hikes.

Hard up for cash, Gov. Cuomo is trying to sneak through a $1.5 billion “stealth” income-tax hike — on top of $1 billion in other tax bumps. As Empire Center fiscal expert E.J. McMahon notes, key parts of New York’s tax law are pegged to the federal model, which changed sharply last month. Yet Cuomo...
Time: 20:18     Date: 18.01.2018
Last US News - Opinion: New York’s coming stealth tax hikes. NY Post 24 - US News

As Empire Center fiscal expert E.J. McMahon notes, key parts of New York’s tax law are pegged to the federal model, which changed sharply last month. Yet Cuomo isn’t calling for simple fixes in state law to protect New York taxpayers from paying more.

Because New York’s law includes “references to the federal code,” McMahon warns, “leaving it unchanged would raise” personal-income taxes in New York “by a net $1.54 billion a year.”

The figure, based on a state Department of Taxation and Finance study, includes:

 $400 million as a result of the $10,000 federal cap on the property-tax write-off.  $840 million from single-filers who’d have to take a lower standard deduction on their state returns.  $44 million from residents who’ll no longer itemize deductions on their federal returns and so can’t do so on state returns.  $281 million from the loss of “miscellaneous” deductions.

“After weeks of attacking the [federal] cap on [the state- and local-tax write-off] as ‘devastating’ and ‘an economic missile’ aimed at New York, the governor’s budget aims a very similar missile at his own taxpayers,” notes McMahon.

And those who get squeezed are the very same people hit by the federal changes.

For most New Yorkers, the federal reforms include goodies that more than offset the loss of deductions, such as lower tax rates, a near-doubling of the standard deduction, a larger child-tax credit and a higher threshold for the alter­native-minimum tax.

Adding up all the tax and fee increases that the gov does spell out (hitting health insurers, opioid and Internet sales, businesses) and the “stealth” hike, McMahon puts new taxes at $3 billion for the 2019-20 fiscal year. Ouch.

A Cuomo spokesman Thursday said the gov’s team is “thinking about” the problem and may yet propose fixes to address it. What’s to think about? The last thing New Yorkers need is … more taxes.

Opinion

Last US News - Opinion: New York City’s booming economy is bad news for the far left. NY Post 24 - US News
New York City’s booming economy is bad news for the far left.
Mother always said it’s not nice to laugh while others cry, but there are exceptions. One is on display now in New York....
Last US News - Opinion: The system is failing the mentally ill — not the cops. NY Post 24 - US News
The system is failing the mentally ill — not the cops.
What happens when the police want to help, but the mental-health system won’t let them? Last week, a 22-year-old Washington...
Last US News - Opinion: Democrats are out to sabotage the middle class on health care. NY Post 24 - US News
Democrats are out to sabotage the middle class on health care.
Democrats are trying to ban low-cost health insurance that covers less than ObamaCare. They claim they’re protecting the...
Last US News - Opinion: Cuomo accepts the ‘ignorance’ excuse now that he’s the perp. NY Post 24 - US News
Cuomo accepts the ‘ignorance’ excuse now that he’s the perp.
During a visit to the Adirondacks last week, Gov. Cuomo recalled retrieving a feather that was shed by an eagle that “swooped...

Opinion

Last US News - Opinion: New York City’s booming economy is bad news for the far left. NY Post 24 - US News
New York City’s booming economy is bad news for the far left.
Mother always said it’s not nice to laugh while others cry, but there are exceptions. One is on display now in New York....
Last US News - Opinion: The system is failing the mentally ill — not the cops. NY Post 24 - US News
The system is failing the mentally ill — not the cops.
What happens when the police want to help, but the mental-health system won’t let them? Last week, a 22-year-old Washington...
Last US News - Opinion: Democrats are out to sabotage the middle class on health care. NY Post 24 - US News
Democrats are out to sabotage the middle class on health care.
Democrats are trying to ban low-cost health insurance that covers less than ObamaCare. They claim they’re protecting the...
Last US News - Opinion: Cuomo accepts the ‘ignorance’ excuse now that he’s the perp. NY Post 24 - US News
Cuomo accepts the ‘ignorance’ excuse now that he’s the perp.
During a visit to the Adirondacks last week, Gov. Cuomo recalled retrieving a feather that was shed by an eagle that “swooped...
Last US News - Opinion: Cuomo only agrees to debate when cards are stacked in his favor. NY Post 24 - US News
Cuomo only agrees to debate when cards are stacked in his favor.
For all his campaign ads painting him as a fearless warrior taking on President Trump, Gov. Cuomo is apparently afraid to...

Living

US Living News: School workers donate their sick days to cancer-stricken teacher who ran out. NY Post 24 - US News
School workers donate their sick days to cancer-stricken teacher who ran out.
A Florida public school teacher battling colon cancer ran out of paid sick days — that is, until a viral Facebook post...
US Living News: Oldest ever flying reptile discovered in Utah. NY Post 24 - US News
Oldest ever flying reptile discovered in Utah.
Over the decades, Utah has proven to be a real hotspot for fossil hunters and it just yielded yet another amazing find. There...
US Living News: 6-year-old orders herself $350 worth of toys on Amazon Prime. NY Post 24 - US News
6-year-old orders herself $350 worth of toys on Amazon Prime.
Kids these days. Anyone who’s ever gone on an Amazon shopping spree understands the allure of the one-click buying option...
US Living News: Winemakers say mildew attack is ruining their harvest. NY Post 24 - US News
Winemakers say mildew attack is ruining their harvest.
A French winemaker has lost between 15 to 20 percent of his harvest thanks to an extreme “attack of mildew,” he says....
US Living News: Sleep deprivation can make people less attractive: study. NY Post 24 - US News
Sleep deprivation can make people less attractive: study.
Not getting enough sleep can turn people into social lepers, a study suggests. Scientists found it makes men and women appear...
US Living News: Inside NYC’s most dramatic restaurant wars. NY Post 24 - US News
Inside NYC’s most dramatic restaurant wars.
There are tens of thousands of restaurants and bars in New York City and its surrounding areas, but not all of them get along...
US Living News: Tourists terrorizing Barcelona by urinating all over the place. NY Post 24 - US News
Tourists terrorizing Barcelona by urinating all over the place.
Barcelona locals are fed up with the disruption that tourists are bringing to the city – in the form of urine-soaked streets,...
US Living News: Ladies, you’re not crazy — men really do lose weight faster. NY Post 24 - US News
Ladies, you’re not crazy — men really do lose weight faster.
Ladies, you’re not imagining things: Men really do lose weight faster. After two months on a low-calorie diet, men lost...

Business

Last US Business News: Empire Resorts loses $58 million in first five months of business. NY Post 24 - US News
Empire Resorts loses $58 million in first five months of business.
The state’s largest new casino has rolled craps — losing $58 million in its first five months of operation, according...
Last US Business News: Eddie Lampert offers to buy Kenmore for $400 million. NY Post 24 - US News
Eddie Lampert offers to buy Kenmore for $400 million.
A hedge fund owned by the chief executive of Sears Holdings, Edward Lampert, has offered to buy the company’s Kenmore appliances...
Last US Business News: MoviePass discloses quarterly loss of $127 million. NY Post 24 - US News
MoviePass discloses quarterly loss of $127 million.
It’s not the birthday present that MoviePass wanted. On the one year anniversary of MoviePass slashing its prices, shares...
Last US Business News: Walmart is launching an Ellen DeGeneres fashion line. NY Post 24 - US News
Walmart is launching an Ellen DeGeneres fashion line.
Walmart said on Wednesday that it would tie up with comedian and talk show host Ellen DeGeneres to launch a women’s fashion...
Last US Business News: Corona brewer pours $4 billion into Canadian pot grower. NY Post 24 - US News
Corona brewer pours $4 billion into Canadian pot grower.
Corona beer maker Constellation Brands will invest a further $4 billion in Canada’s top cannabis producer Canopy Growth,...
Last US Business News: Macy’s reports surprise sales increase, but stock falls. NY Post 24 - US News
Macy’s reports surprise sales increase, but stock falls.
Macy’s on Wednesday reported a surprise rise in quarterly same-store sales, topping estimates for the third straight quarter,...
Last US Business News: Buffett’s Berkshire Hathaway increased Apple stake by nearly 5 percent. NY Post 24 - US News
Buffett’s Berkshire Hathaway increased Apple stake by nearly 5 percent.
They don’t call Warren Buffett the Oracle of Omaha for nothing. Buffett-led Berkshire Hathaway increased its stake in Apple...
Last US Business News: Charting MoviePass’ stunning rise and swift downfall. NY Post 24 - US News
Charting MoviePass’ stunning rise and swift downfall.
MoviePass honchos Mitch Lowe and Ted Farnsworth are still trying to break the moviegoing business model. So far, though,...

Metro

Metro News: Empire Resorts loses $58 million in first five months of business. NY Post 24 - US News
Empire Resorts loses $58 million in first five months of business.
The state’s largest new casino has rolled craps — losing $58 million in its first five months of operation, according...
Metro News: Cops release sketch of unidentified man found floating near bridge. NY Post 24 - US News
Cops release sketch of unidentified man found floating near bridge.
Police on Wednesday released a sketch of a still-unidentified man found floating in the waters near the Verrazano Bridge,...
Metro News: De Blasio unfazed by long lines of drivers trying to get Uber licenses. NY Post 24 - US News
De Blasio unfazed by long lines of drivers trying to get Uber licenses.
Mayor de Blasio on Wednesday said the long lines of drivers trying to get last-minute Uber licenses a day earlier didn’t...
Metro News: ‘Kayak killer’ settles with victim’s family after serving prison time. NY Post 24 - US News
‘Kayak killer’ settles with victim’s family after serving prison time.
POUGHKEEPSIE, N.Y. — A lawsuit settlement has been reached in a New York kayak drowning after the victim’s fiancee...
Metro News: Homeless man hiding under truck run over in Queens. NY Post 24 - US News
Homeless man hiding under truck run over in Queens.
A homeless man was killed on Tuesday when a truck he was lying under pulled out of a parking spot in Queens, sources said....
Metro News: Small donors would have huge say under de Blasio commission proposal. NY Post 24 - US News
Small donors would have huge say under de Blasio commission proposal.
Small donors would become big campaign players under a proposal Tuesday by the mayor’s Charter Revision Commission, which...
Metro News: Why these Uber drivers rushed to register cars before the ride-share cap. NY Post 24 - US News
Why these Uber drivers rushed to register cars before the ride-share cap.
Kazi Arefin braved lines and crowds to register his car for Uber because he was tired of making money for other people. The...
Metro News: Man suing doctor asks judge to keep his penis pics sealed from public record. NY Post 24 - US News
Man suing doctor asks judge to keep his penis pics sealed from public record.
He had a fool for a client — and it left him totally exposed. An East Village man acted as his own lawyer when he filed...

Sport

Last US Sport News: Ben Simmons is next 76er thinking radical shooting change. NY Post 24 - US News
Ben Simmons is next 76er thinking radical shooting change.
If Ben Simmons can ever truly develop his jump shot, it might come with his right hand. The 76ers rising star could switch...
Last US Sport News: You won’t see Bob Ley on ESPN for six months. NY Post 24 - US News
You won’t see Bob Ley on ESPN for six months.
ESPN’s longest-tenured employee needs a break. Emmy Award-winning sports anchor Bob Ley has requested and been granted...
Last US Sport News: Here’s what it looks like when an NFL player demands a trade. NY Post 24 - US News
Here’s what it looks like when an NFL player demands a trade.
Ask and you shall receive. Before being dealt to the Bills earlier this month, receiver Corey Coleman asked Hue Jackson to...
Last US Sport News: Ex-NASCAR star must pay $1 for secretly recording ex-wife. NY Post 24 - US News
Ex-NASCAR star must pay $1 for secretly recording ex-wife.
Former NASCAR driver Greg Biffle must reportedly pay his ex-wife $1 after a jury on Monday found that he did “intrude offensively...
Last US Sport News: Dan Marino’s son arrested for DUI, had ‘slurred’ speech: cops. NY Post 24 - US News
Dan Marino’s son arrested for DUI, had ‘slurred’ speech: cops.
The son of Hall of Fame NFL quarterback Dan Marino was arrested for DUI last week in Florida with a blood alcohol content...