However, in the near - term, this improvement in fundamentals is being offset by federal tax increases and spending cuts, which economists call «fiscal drag.» (newyorkfed.org)
All De m government might well mean we aggressively pursue options like a payroll tax that protect NY residents from significant Federal tax increases. (nystateofpolitics.com)
His plan would shift the state tax code from an employee - paid system to one paid for by employers, which would help shield New York residents from new federal tax increases. (newsday.com)