Sentences with phrase «federal tax bill»

Their lower take - home pay would result in a lower federal tax bill.

Given the ongoing uncertainties surrounding the proposed federal tax bill, there will be an enormous appetite for information about how the new rules will affect individual taxpayers and businesses in 2018.

But the proposals will hit close to home with home buyers, who could see big changes in their future federal tax bills.

● The lack of detail in the Republican tax framework makes it difficult for anyone — especially homeowners — to calculate what the changes would mean for their personal federal tax bill.

They had a total federal tax bill of $ 150,000 and a state and local tax liability of $ 63,000.

The new federal tax bill awaiting President Donald Trump's signature spares some concerns for cities and historic preservation groups, but it takes away a positive tool for governments in refinancing debt and removes tax benefits from commuters.

Warning that residents might leave New York because of their increased federal tax bills, Cuomo said, «If we do not fix this problem, it is a question of New York's viability long - term.»

If the final federal tax bill slashes deductions of state and local taxes, owning a home in high - tax areas will be significantly more expensive.

Weber said that as residents of California, he and his family face a dilemma: If the final federal tax bill slashes deductions of state and local taxes, also called SALT, purchasing a new home in high - tax California will be significantly more expensive.

Since the final federal tax bill appeared on Friday, many people have had questions about prepaying taxes, a wide - ranging strategy that encompasses various efforts to save money by paying some taxes early.

More recently, Gov. Andrew Cuomo, a Democrat, has seized on it while arguing against provisions in the just - passed federal tax bill.

ALBANY — In again criticizing the emerging federal tax bill, Gov. Cuomo on Wednesday defended New York's right to have higher taxes.

Kathryn Wylde, of the Partnership for New York City, opposes the idea of raising taxes on the wealthy, especially because the new federal tax bill hits some of New York's high earners hard by rolling back much of the deductability of state and local taxes.

There will be a very small federal tax bill: The ordinary income will stretch all the way into the 15 % bracket, assuming about $ 25,000 in tax - free income from deductions and personal exemptions and $ 20,000 for the 10 % bracket.

For many households, this boost could more than offset the loss in their itemized deductions and lower their overall federal tax bill, even after their home - related deductions disappear.

Fewer deductions means a higher federal tax bill — especially for Long Island, Westchester County and New York City residents, who have some of the nation's highest property taxes.

An affluent suburb of New York City could be among the hardest hit under the proposed federal tax bill.

By narrowly focusing on the $ 10,000 SALT cap, state lawmakers are pursuing an economic fix for the very taxpayers who will benefit most from the federal tax bill.

A study that analyzed tax data from 2012 to 2016 found 17 percent of taxpayers faced a federal tax bill.

For instance, if a professional service corporation subject to a flat tax of 35 percent invested $ 500,000 in computers, software and office furniture, it could reduce its federal tax bill by 35 percent of that amount.

Their 2017 federal tax bill: about $ 9,400.

Warren Buffett seemed heroic this week when he released his federal tax bill after Donald Trump called him out in the Sunday night presidential debate.

The bill allows New Yorkers to continue to itemize those deductions, and is among the first steps state lawmakers are taking official steps to address the federal tax bill, which is expected to be signed by President Donald Trump.

Chiavacci Farley says Gillibrand should have fought harder to protect the state against the federal tax bill, which Gillibrand and all other Senate Democrats voted against.

«For those people who are going to benefit from this federal tax bill, they should be able to help out and contribute more,» Heastie said.

The family's federal tax bill would decrease from $ 1,882 to $ 640.

Local and state officials have come out strongly against a federal tax bill that has passed the Senate and is now in committee in the House of Representatives, which has its own version of the bill.

County Executive Steve Bellone called the federal tax bill a «potential catastrophe» for Long Island Monday morning in a conference call with local reporters.

The Democratic governor loudly pushed against the federal tax bill and said limits on SALT deductions would make a high - tax state like New York structurally uncompetitive.

The deduction had been especially popular in high - tax states like New York, where many homeowners now face large increases in their federal tax bills.

They are working to include Cuomo's proposals to create workarounds to deal with the federal tax bill's limitation on the deductibility of state and local taxes.

We need see emerging details in all parts of this budget, including tax policy as we deal with the effect the federal tax bill will have on communities... Read more

Democrats and Republicans will pay higher taxes due to the Federal tax bill.

That deduction had been popular in high - tax, Democratic states like New York, Connecticut and New Jersey, where many homeowners now face big increases in their federal tax bill.

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.

If budgets are statements of values, Gov. Andrew M. Cuomo clearly values the fight he is waging against a federal tax bill he views as both onerous and directed at states like New York.

«As someone who didn't pay their federal taxes shouldn't be talking about a federal tax bill,» Donovan said.

«The federal tax bill made significant changes to how they treat the tax credit,» Ryan said.

Long Island is No. 1 on a list of the top 10 metro areas in the US with the greatest share of homeowners who pay $ 10,000 or more in property taxes annually, and thus would be hit hardest by the federal tax bill.

That deduction had been especially popular in high - tax states like New York, where many homeowners now face large increases in their federal tax bills.

Michael Whyland, spokesman for Assembly Speaker Carl Heastie, said that «there are many things we are still learning about the federal tax bill and we want to look at this issue in the context of the overall budget, not only this year but also how it affects future budgets.»

They must work within the confines of a new federal tax bill that makes it harder to raise taxes Long Islanders no longer can deduct, and which might very well stymie their ability to borrow for infrastructure.

We need see emerging details in all parts of this budget, including tax policy as we deal with the effect the federal tax bill will have on communities all across New York.

«Our governor needs to be focusing on how he can join with members of the House and Senate to combat the evils of this federal tax bill,» he said.

«The federal tax bill may have implications, too, though that may not be known until further into the fiscal year.

Criticizing the federal tax bill may be a risky political move right now as reports come in of paycheck bumps across the state and the country, but Hochul argued the good vibes will be fleeting in New York.

«One explanation is that taxpayer behavior is changing in response to the evolving features and prospects of a Federal tax bill.

«By greater than a two - to - one margin these Republicans are saying, «get the Arctic drilling language out of the federal tax bill; it doesn't belong there.»