Cuomo and legislative leaders say they have a deal to restructure state income tax

Thumbnail image for NYS Capitol from ESPAndrew Cuomo and legislative leaders announced today that they've reached a deal to restructure the state's income tax.

The Cuomo admin is touting the restructuring as an attempt to "restore fairness to the tax system." Basically, it makes the tax structure more progressive -- that is, the more a person makes, the higher their rate. The admin says 4.4 million New Yorkers will get a tax cut under the new structure.

So, if you're under $300,000 (and more than $40k), you would get a tax cut under this arrangement. Above $300k, your taxes are going up (compared to the rate from a few years back). [NY Post]

As usual, it's little (or a lot) more complicated than that. The bracket breakdown in the press release doesn't really tell the whole story because it doesn't include the temporary personal income surcharge ("millionaire's tax") that's currently in effect -- the TU's Jimmy Vielkind has put together a spreadsheet that makes it a bit more clear.

The Cuomo admin says the new structure generates $1.9 billion in additional revenue for the state -- though that's about $2 billion less than what was generated by the "millionaire's tax", which expires at the end of this month. [NYT] [TU CapCon]

The deal announced today also includes funding for infrastructure projects, support for a constitutional amendment to allow full casino gaming, grants for flood recovery, a few other initiatives.

If you're thinking to yourself: "Wait, did I miss the part where this was all discussed and debated publicly?" The answer is: no, of course not. This is New York.

Comments

Everyone and their mother has been pontificating about the millionaire's tax for at least the past three years. So I don't see it as true that this was not "discussed and debated publicly."

Yes, Bob, execpt in the Capitol. There was no recorded, public discussion in either chamber of Legislature.

Blog discussions don't exactly count as our representatives publicly debating policy.

Overall, the cuts to the lower/middle classes are miniscule as is the hike to the upper class. What a joke...

I'd say that this is an improvement. At a time of rapidly growing wealth disparity, the proposed tax code is more progressive than what we would have otherwise got. So that's progress. Incremental progress, but progress. Am I missing something? (Really, I want to know).

Say Something!

We'd really like you to take part in the conversation here at All Over Albany. But we do have a few rules here. Don't worry, they're easy. The first: be kind. The second: treat everyone else with the same respect you'd like to see in return. Cool? Great, post away. Comments are moderated so it might take a little while for your comment to show up. Thanks for being patient.

The Scoop

Ever wish you had a smart, savvy friend with the inside line on what's happening around the Capital Region? You know, the kind of stuff that makes your life just a little bit better? Yeah, we do, too. That's why we created All Over Albany. Find out more.

Recently on All Over Albany

A quick recap of the week

Here are a few highlights from the past week on AOA: + Daniel and the Best Dozen stopped in at Stewart's for donuts. + Christina... (more)

10x10: Casinos, John Oliver, new spots

A while back we did a thing where wrote 10 reviews/comments in no more than 10 words each. People seemed to like it, and it... (more)

Holiday gifts: Deanna Fox

Gifts and giving are on most everyone's mind this month. So we thought we'd ask a few people to share some thoughts on presents, past... (more)

NY Thruway Guide

Might be worth a look: NY Thruway Guide, an iPhone app that's pretty much what it sounds like. It provides access to the lineup of... (more)

Stuff to do this weekend

There's lots going on the the Capital Region this weekend -- both holiday and non-holiday. So if you're looking to take a break from all... (more)

Recent Comments

... I tend to ask questions that make the person think about what they just said. I ask it sweetly and in a tone that notes confusion on my part. I have been called honey in the office and asked the person, " Can I ask what you mean when you call me honey? Because you don't call John honey." It calls out that he's treating you differently for being a woman. If he still doesn't get it, you can be more direct: "I appreciate that you respect my work and treat me equally, but I wouldn't want others to think otherwise based on how you address me."

Local food gifts

...has 10 comments, most recently from Carolyn

Capital Region high school graduation rates 2014

...has 2 comments, most recently from Greg

NY Thruway Guide

...has 1 comment, most recently from Rob

Good neighborhood holiday light displays?

...has 4 comments, most recently from MikeH

Where to get latkes?

...has 14 comments, most recently from Susan Anthony Brownell