tax overhaul

Brindisi/Tenney campaigns

The rising cost of health care has become a major point of contention in this year's race for the 22nd Congressional District, including how the candidates have voted on the issue in the past.

Jason Smith / WRVO News (file photo)

In addition to tax cuts, the recently passed federal tax overhaul includes a measure to encourage the private industry to invest in low-wealth areas. The program offers tax discounts and other incentives for people to put their profits from stocks and other holdings to work in so-called Opportunity Zones. Those resources can then be invested in businesses and other economic development projects in rural and urban districts that are plagued by high levels of poverty.

Tom Magnarelli / WRVO News

Rep. Claudia Tenney (R-New Hartford) is calling for more infrastructure investment as she visits a range of different businesses and organizations in her district. She is also highlighting what she calls the positive impact the tax overhaul is having on the upstate economy.

Kris-Tech Wire in Rome manufactures copper wire and sells it to utilities and contractors. Graham Brodock, the owner and CEO, said their business is tied to the overall economy.

“So when the economy is strong, our copper prices go up, when the economy is weak, copper prices go down,” Brodock said.

governorandrewcuomo / Flickr

The nation's new tax law places a cap on the amount of state and local taxes that someone can deduct from their taxable federal income. That caused panic in high-tax states like New York. So the state's lawmakers amended their tax system to mitigate the increased costs for New Yorkers - changes the federal government may soon attempt to nullify.

Tom Magnarelli / WRVO Public Media

Sen. Charles Schumer (D-NY) joined elected officials and activist groups in Syracuse Monday to protest the Republican tax overhaul passed by Congress in December. Demonstrators fear the tax cuts will be paid for by cutting Social Security, Medicare and Medicaid. 

Ellen Abbott / WRVO News

Americans are starting to see some of the impact of the tax plan in their paychecks, and polls are showing more support for it in recent weeks.  But some tax experts say it may be too soon to declare the tax plan a winner.

Officials at one Onondaga County business say the tax plan is already making a big difference for its 800 employees. Suit-Kote president Frank Suits announced last week that his company is beefing up employees retirement, and increasing pay by two percent. He also said the new tax structure makes it easier to invest.

Karen DeWitt / WRVO News File Photo

On Thursday, Gov. Andrew Cuomo will detail his proposals to help New Yorkers affected by changes to the federal tax law. But Republicans who rule the state Senate are cool to the ideas, including one that creates a payroll tax instead of a state income tax.

governorandrewcuomo / Flickr

New York Gov. Andrew Cuomo and the governors of New Jersey and Connecticut said they intend to soon file a multi-state lawsuit against the federal tax overhaul law over the partial loss of the deduction of state and local taxes.

Tax Policy Center

The new tax law is the single biggest accomplishment of the Trump Administration thus far, and it has significant ramifications for our economy and our personal finances. In a two part series, Grant Reeher talks with tax policy expert Len Burman, co-founder of the Tax Policy Center in Washington D.C. 

governorandrewcuomo / Flickr

A report by Gov. Andrew Cuomo’s tax department lists ways that New Yorkers could get around the loss of some of their state and local tax deductions under the new law. But all of them come with complications.

governorandrewcuomo / Flickr

Gov. Andrew Cuomo unveiled a $168 billion budget plan that would close an over $4 billion gap by reducing some spending and imposing tax increases on health insurers, big businesses and prescription opioid users, among others. Cuomo said he also wants to look into legalizing marijuana in New York.

“This is going to be challenging, my friends,” Cuomo told lawmakers gathered at the state museum for the budget presentation.

Stefanik campaign

Taxes were frequently brought up during a telephone town hall Thursday hosted by North Country Rep. Elise Stefanik (R-Willsboro). 

governorandrewcuomo / Flickr

Gov. Andrew Cuomo, in his State of the State speech this week, floated the idea of converting the state income tax to a payroll tax to help reverse the new federal law that limits deductibility for state and local taxes. Many support the concept, but businesses say it’s not so easy to make the change – and it could bring unforeseen complications.

Tom Fazzio / Syracuse University

The new tax law is the most significant piece of legislation to come out of the Trump Administration so far, but the Republican congressional delegation from New York was split on it. North Country Republican Elise Stefanik (R-Wilsboro) voted against the plan, saying it didn't do enough to preserve state and local tax deductions, which the final bill capped at $10,000.

governorandrewcuomo / Flickr

Gov. Andrew Cuomo delivers his State of the State address on Wednesday, kicking off a challenging year of budget deficits and re-election races.

WBFO News File Photo

Onondaga County is making it easier to pay town and county taxes early with a new online system, and it comes at a time when some taxpayers are considering paying their local taxes early.

A new program called E-Tax launches Wednesday that will allow Onondaga County residents to get an early look at their local government tax bills, before paper copies of those bills are mailed later in the week. 

401(K) 2012 / Flickr

Gov. Andrew Cuomo, who’s vowed to lead a campaign against the state’s Republican Congressional representatives in the 2018 elections, has spent the final weeks of 2017 feuding with them over their votes on the federal tax overhaul bill.

Cuomo has been saying for weeks that the overhaul would be “devastating” to New York’s finances and to many of its taxpayers, and he’s called Republican House members who support the plan “traitors” and “Benedict Arnolds.” 

Tom Magnarelli / WRVO News

Central New York Rep. John Katko (R-Camillus) says the tax overhaul bill he voted for is even better after it went through the conference committee with the Senate version. It retains the historic tax credit, which was used to restore the Hotel Syracuse, it no longer taxes the tuition waivers that some graduate students use to pay for school and it allows taxpayers some flexibility on whether they want to deduct their state income, sales or property taxes - capped at $10,000.

Matt Churchill / Flickr

The House of Representatives passed sweeping legislation aimed at rewriting the nation's tax code Tuesday, by a vote of 227-203. 12 Republicans voted against the bill, five of them are from New York.

Karen DeWitt / WRVO News

County leaders across New York are the latest to complain about the tax overhaul plan now being crafted in Congress. They predict higher taxes for many New Yorkers, declining home prices and slowed economic growth.

Albany County Executive Dan McCoy said the federal tax bill will lead to many middle- and upper-class New Yorkers paying higher taxes because of the proposed end to state and local tax deductions. And he said the state’s over $4 billion projected deficit and potential funding cuts aren’t helping either.

“Brace yourselves,” McCoy said.

Karen DeWitt / WRVO News File Photo

One of the biggest challenges that Gov. Andrew Cuomo and state lawmakers will face in 2018 is balancing the state’s budget, which already has a structural deficit of more than $4 billion. On top of that, federal changes to taxes and health care could cost the state billions more in lost funding.

State tax revenues are down, contributing to the largest structural budget gap in seven years. State Comptroller Tom DiNapoli estimates the deficit to be about $4.4 billion.

governorandrewcuomo / Flickr

The governors of New York, California and New Jersey on Monday strongly condemned the GOP tax bill now before Congress, saying it is unfair to their states and will wreak havoc on the U.S. economy.

In a conference call, New York Gov. Andrew Cuomo said the federal tax overhaul plan that severely restricts state and local tax deductions is “political retaliation” against 12 states that are run by Democrats.

governorandrewcuomo / Flickr

Gov. Cuomo today continued to slam the four Congressional Republicans from New York who voted for the GOP tax overhaul plan.

Bernt Rostad / Flickr

The Congressional Budget Office report released Sunday finds that the Senate tax overhaul bill harms the poorest Americans even more than originally thought. 

The CBO finds that Americans making $30,000 or less would be worse off under the Senate tax plan by 2019. Those earning $40,000 or less would be net losers under the plan by 2021. And by 2027, U.S residents who make $75,000 or lower would be worse off under the plan.

Matt Churchill / Flickr

Now that the House of Representatives has voted for a tax overhaul plan that some state leaders say will harm New York, the action moves to the Senate, where a vote is expected after Thanksgiving.

governorandrewcuomo / Flickr

Gov. Andrew Cuomo is slamming the tax overhaul plan passed Thursday by the House of Representatives, saying it will be “poison” to New York.

Bernt Rostad / Flickr

Most of central and northern New York’s members of Congress voted for the Republican tax overhaul bill which passed the House of Representatives Thursday.

401(K) 2012 / Flickr

Gov. Andrew Cuomo and Sen. Chuck Schumer (D-NY) are once again warning that New Yorkers will be hurt if the Republican tax overhaul plan in Congress is approved.

Schumer, who is Senate Democratic Leader, says while the tax plan has changed from the original version, 71 percent of the deductions that now benefit state residents would be eliminated. The plan would end deductions for state and local income taxes, and cap the property tax deduction at $10,000 a year. 

Ellen Abbott / WRVO News

Central New Yorkers who oppose a sweeping overhaul to the tax code supported by Republicans and President Donald Trump made their case outside a roundtable meeting with Small Business Administrator Linda McMahon and local congressional representatives in Syracuse today.

The proposed changes take away certain deductions, like state and local taxes, but increases a taxpayers personal deduction. Opponents like Sharon Owens of Syracuse call that a scam.

David Paul Ohmer / Flickr

The tax plan unveiled by Republicans in the House of Representatives Thursday would disproportionately raise taxes on those living in Northeast states like New York, New Jersey and Connecticut. Many lawmakers from the region, including Republicans, are against the plan.

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