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Nationwide Campaign to Fight For Tax Fairness
Tax Fairness for All Americans
Under the Trump administration, Washington launched an all-out direct attack on New York’s economic future. The federal Tax Cuts and Jobs Act of 2017 eliminated full deductibility of state and local taxes (SALT), effectively costing New Yorkers $15.3 billion.
What’s worse is that the law disproportionately hurts Democratic states, like New York, which already contributes $35.6 billion more annually to the federal government than it gets back.
To fight back against this economic assault, the Governors of impacted states are working with their Congressional Delegations and Speaker Pelosi to immediately reestablish full SALT deductibility and restore fairness for millions of hard-working American taxpayers.
Response to the Federal Tax Changes
A Major Shift in Tax Policy
The FY 2019 Budget creates two new state-operated Charitable Contribution Funds. Taxpayers may claim these charitable contributions as deductions on their Federal and State tax returns.
Under the FY 2019 Budget employers would be able to opt-in to a new ECEP structure, and be subject to a 5 percent tax on all annual payroll expenses in excess of $40,000 per employee.
The FY 2019 Budget decouples the state tax code from the federal tax code, where necessary, to avoid more than $1.5 billion in State tax increases.
Reducing Taxes for New Yorkers
Fighting for the Middle Class
Property Tax Cap
In 2019, then-Governor Cuomo signed a permanent 2% property tax cap into law. Property taxes are the largest tax burden for many New Yorkers. The tax cap has kept local levies in check, and in total, local taxpayers have saved more than $58.8 billion.
Middle-Class Tax Cuts
Middle class tax cuts have been phased in since 2016. When the cuts are fully phased in, middle class taxpayers will have received an income tax rate cut up to 20 percent, amounting to a projected $4.2 billion in annual savings for six million filers by 2025.
Middle Class Property Tax Credit
In 2021, then-Governor Cuomo signed into law a new middle-class property tax credit, which will provide 1.1 million New Yorkers with $383 million in annual savings.
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