Sentences with phrase «federal tax bills»

Capping or eliminating the SALT deduction will put intense pressure on state and local governments to cut their own taxes in the face of constituents with higher federal tax bills.

These changes to the state and local tax (SALT) deductions will increase the federal tax bills of people living in communities that invest heavily in their local school districts and communities.

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.

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.

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.

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

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

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

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.

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.

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.

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.

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.»

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.

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.

«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.

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

Last Wednesday, Rep. Peter King (R - Seaford) said the proposal would be a «direct hit to the Long Island economy,» and Rep. Lee Zeldin (R - Shirley) said it was «imperative that our local residents aren't subject to double and triple taxation and retain the ability to deduct local taxes and reduce their federal tax bill.»

He also charged the federal tax bill under discussion «is basically hurting the economies of those (high - tax) states to finance the tax cut in other states.»

Daniel Dromm, a Queens city councilman and the head of the council's Finance Committee, and New York City Independent Budget Office Director Ronnie Lowenstein, join «In Focus» Host Cheryl Wills to dig a little deeper into Mayor Bill de Blasio's budget plan and the programs that might be impacted by the federal tax bill and the possible loss of millions of dollars in state revenue.

Deputy County Executive Bill Fisher says this is a good year to start the program, because of the implications of the new federal tax bill, which doesn't allow taxpayers to deduct as much state and local taxes on their federal income taxes.

«We are looking at challenging the federal tax bill constitutionality,» said Eagan.

Albany County Executive Dan McCoy says 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.

Prior to the enactment of the federal tax bill, individuals were able to deduct their property taxes and state income taxes on their federal tax return.

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.

Moreover, passage in December of a federal tax bill reducing deductions for state and local taxes has many experts warning of a probable rise in public resistance to higher school taxes.

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

KSBA Director of Governmental Relations Eric Kennedy points out that while Kentucky schools may not see a direct funding impact from the federal tax bill, they will be impacted because the overall financial investment in schools more and more falls on local school districts and local taxes.

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.

How is your federal tax bill calculated?

Your federal tax bill for the year was about $ 4,800, and you withheld $ 4,920.

I suggest you do a dry run of your 2012 tax return, entering the projected income numbers, and see what your federal tax bill will be.

Watch this video to learn more about how some of these expenses can save you money on your federal tax bill.

In 2018, that would mean total income of $ 101,400 if you're married filing jointly, which would trigger a federal tax bill of $ 8,907.

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

For one low - income client, the $ 3,000 capital loss we generated last year lowered her federal tax bill by $ 720.)

The HSA / IRA contributions alone resulted in a federal tax bill that was $ 2177 less than if we didn't max out those accounts, and a state return that was $ 680 less (which actually turned it from owing, into a small refund!).

For some people, that means charging their federal tax bill to a credit card.

If you need to make installment payments on your federal tax bill, here are some of the fees you can plan for:

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.