Sentences with phrase «federal tax plan as»

on Tuesday, Gov. Andrew Cuomo characterized the new federal tax plan as an «economic missile aimed at New York,» and suggested New York «get out of the way before it lands.»

Not exact matches

While some observers see the plan as yet another way in which the provinces are pressuring the federal government to expand CPP, Ontario's opposition Progressive Conservatives have already condemned the program as a «job - killing payroll tax.»

The federal government limits tax - deductible contributions to retirement plans; for most plans, such as 401 (k) programs, the maximum amount you can receive in contributions in 2016 is $ 53,000 if you're under the age of 50, and $ 59,000 if you're eligible to make «catch - up» contributions.

Tillerson's ethics agreement also helped him to avoid an immediate federal income tax bill of as much as $ 72 million, according to tax specialists who reviewed his plan at the time.

That's pretty much what the federal government has been doing since 2006, with tweaks such as abolishing mandatory retirement, a graduated rise in the eligibility age for OAS benefits and new tax - sheltered savings vehicles in tax - free savings accounts and pooled registered pension plans.

This discussion also does not consider any specific facts or circumstances that may be relevant to holders subject to special rules under the U.S. federal income tax laws, including, without limitation, certain former citizens or long - term residents of the United States, partnerships or other pass - through entities, real estate investment trusts, regulated investment companies, «controlled foreign corporations,» «passive foreign investment companies,» corporations that accumulate earnings to avoid U.S. federal income tax, banks, financial institutions, investment funds, insurance companies, brokers, dealers or traders in securities, commodities or currencies, tax - exempt organizations, tax - qualified retirement plans, persons subject to the alternative minimum tax, persons that own, or have owned, actually or constructively, more than 5 % of our common stock and persons holding our common stock as part of a hedging or conversion transaction or straddle, or a constructive sale, or other risk reduction strategy.

Past achievements include building the case for deficit reduction in the 1980s and early 1990s, for consolidation of the Canada and Quebec Pension Plans in the late 1990s, a series of shadow federal budgets and fiscal accountability reports in that began in the 2000s, and work on marginal effective tax rates on personal incomes and business investment, which has laid the foundation for such key changes as sales tax reform, elimination of capital taxes, and corporate income tax rate reductions.

In 1947, contrary to the 1942 plan, federal control was extended to include succession duties as well, but Ontario and Québec opted out, choosing to operate their own corporate income tax procedures.

The 2016 Plan has been designed to permit the administrator to grant certain awards in its discretion that qualify as performance - based for purposes of satisfying the conditions of Section 162 (m), thereby permitting us to receive a federal income tax deduction in connection with such awards.

That reflects a compromise, as an earlier version of the Republican tax plan would have would have eliminated the ability for people to deduct their state and local tax payments from their federal tax payments.

Tax cuts always effect assets prices, regulations are estimated to account for up to 35 % of building new construction costs for homes in some locations and though federal deregulation may not impact local regulations as much it does have a multiplier effect on the economy just like a tax cut does and anticipation of an infrastructure plan the scale of this administration's, though it hasn't been passed, would also have an anticipatory effect on leading indicators like stocks and other commodities that raise costs, which we have already seTax cuts always effect assets prices, regulations are estimated to account for up to 35 % of building new construction costs for homes in some locations and though federal deregulation may not impact local regulations as much it does have a multiplier effect on the economy just like a tax cut does and anticipation of an infrastructure plan the scale of this administration's, though it hasn't been passed, would also have an anticipatory effect on leading indicators like stocks and other commodities that raise costs, which we have already setax cut does and anticipation of an infrastructure plan the scale of this administration's, though it hasn't been passed, would also have an anticipatory effect on leading indicators like stocks and other commodities that raise costs, which we have already seen.

One of the appealing features of a 529 savings plan is that money invested grows free of federal income tax when withdrawn for qualified higher education expenses such as tuition, books, and room and board.

De Blasio said he's not worried yet about Trump's plan to eliminate state and local tax exemptions on federal filing, referring to the the proposed national reform package as a «pipe dream.»

There is a great deal of uncertainty surrounding that budget as Governor Andrew Cuomo continues to consider what exactly to propose in terms of overhauling the state tax system in response to the new federal tax code, which has especially significant ramifications for New York, and in terms of a congestion pricing plan for New York City.

Several Democrats also indicated that changes to the state tax code, designed as workarounds on new federal limits on the deductibility of state and local taxes, will be part of the spending plan in some form.

Ippolito, who served as the town's planning and development commissioner since 2009, pleaded guilty to one felony count of income tax evasion, admitting in federal court Tuesday that he knowingly submitted a false tax return.

«They advertise it as a tax cut plan from your friendly federal government, and when you read the fine print, we take it right on the chin.»

As promised during his State of the State address, Gov. Andrew Cuomo, D - NY, is moving forward with plans to sue the federal government over the recently enacted tax reform.

This year, in a speech that included applause for Cuomo's criminal justice reform efforts such as strengthening state oversight of jail and his plan to fight the federal government on the tax law, Cuomo sought to give shootouts to individual members of the Legislature and praise Attorney General Eric Schneiderman as well as DiNapoli.

Cuomo interpreted the victories by Democrats in New York as a rejection of President Donald Trump, congressional Republicans and a GOP - backed tax plan on the federal level he has criticized for its potential to have a negative impact on the state.

In addition to federal funding being at risk, the tax reform plan proposed by Trump and the GOP, which will eliminate a popular state and local tax deduction on which high - tax states such as New York, New Jersey, California and Virginia depend.

The governor's plans to cope with federal cuts comes as State Comptroller Tom DiNapoli issued a report finding New Yorkers gave over $ 40 billion more in taxes in 2016 to Washington than they got back in benefits.

Cuomo in the coming week is expected to unveil at least a partial plan in an attempt to do an end - run around the new federal tax law that restricts what people can deduct in state and local taxes, such as property taxes.

In social media posts following a visit Wednesday to Target in Camillus, U.S. Rep. John Katko claimed that the retail chain raised wages last year «as a direct result of the Tax Cuts and Jobs Act,» a federal tax plan that Congress passed and President Donald Trump signed in DecembTax Cuts and Jobs Act,» a federal tax plan that Congress passed and President Donald Trump signed in Decembtax plan that Congress passed and President Donald Trump signed in December.

[The new charge, they said, would actually be listed on county property tax bills as the «Faso - Collins federal tax» — named after New York GOP Reps. John Faso, of Columbia County, and Chris Collins, of Erie County, whose plan for the cost shifts were included in both the Senate and House versions of federal health care reform bills.]

In its financial plan narratives, the DOB suggested high - income earners were delaying some profit - taking and bonus - claiming (including the exercise of stock options) in anticipation of the new Trump administration's plans for a big federal tax cut, effective as soon as 2019.

Plans to eliminated the federal historic tax credit as part the $ 1.5 trillion tax reform package being considered by Congress would end a key tool used to revitalize old structures in city's like Troy, officials warned.

New York taxpayers could be on the hook if state and local deductions are eliminated by the federal government, as backed by Trump's tax plan.

Maryland Attorney General Brian Frosh, D, announced Thursday that he will join several high - tax states planning to challenge the new federal tax law as illegal because it would «jack up» the amount many residents owe.

A Republican - backed advocacy group that supports tax reform on the federal level released its latest digital ad this week as the GOP - led plans for the issue have come into focus.

Also at 10 a.m., Assemblyman Anthony Brindisi, the NY - 22 Democratic candidate, will «call out every New York member of Congress and urge them to preserve critical tax deductions now at risk» as the new federal tax plan makes its way through D.C., 16 Benton Circle, Utica.

The collapse of the bipartisan congressional supercommittee's effort to agree on a plan to slash the federal budget deficit isn't just a defeat for congressional Republicans who, as AFT President Randi Weingarten said, «insisted on protecting the 1 percent from any additional taxes.»

The governor's plans to cope with federal cuts comes as State Comptroller Tom DiNapoli has issued a report finding New Yorkers gave over $ 40 billion more in taxes in 2016 to Washington than they got back in benefits.

That grip began to loosen last year and board members openly dissented against some of his decisions as the Singh controversy broke and former town planning commissioner Frederick Ippolito pleaded guilty to federal tax evasion charges.

As the U.S. Senate was still debating the federal tax plan on Friday, Lembo said the final version will have an impact on the state budget.

The federal tax plan, which Trump signed into law a few days before Christmas, caps the state and local tax deduction, also known as SALT, at $ 10,000, hurting high - tax states such as New York, New Jersey and California.

Mayor Bill de Blasio was in attendance for Cuomo's speech and, in a news conference afterward, praised certain aspects of it, such as Cuomo's promise to fight the federal tax overhaul, while taking a wait - and - see approach as the governor still did not unveil a congestion pricing scheme, and outlining a few of the city's top priorities for the upcoming state budget, like more funding for the mayor's plan to extend pre-school to all three - year - olds.

For example, the researchers found many instances where the comprehensive plans included tax incentive policies to stimulate economic development in hazardous areas even though the local hazard mitigation plans identified the same areas as experiencing severe repetitive losses from hazard events and qualifying for federal funds for buyouts.

When earnings from 529 contributions accrue over long time periods as they do, for example, when parents establish and fund a 529 plan when their child is young and begin to draw it down when that child enters college, the financial benefit of exemption from federal taxes can be substantial.

Critics on the right, meanwhile, worry such a plan would increase the federal role in education and pressure states to standardize state tax credit programs, many of which now allow nonprofit groups to prioritize a particular type of school, such as those of particular religious denominations, for instance.

As promised, Gov. Mark Dayton vetoed the legislature's measure that would have conformed Minnesota's tax code with the new federal changes, because lawmakers wouldn't go along with his school funding plan.

Similar to an IRA, earnings on contributions to a 529 college savings plan are tax - deferred; however, unlike a traditional IRA, distributions from the 529 plan are federally tax - free, as long as the funds are applied toward payment of qualified higher education expenses on the state but not federal deduction.

Even if an ILIT isn't being used as part of the estate plan, perhaps because there are no children or grandchildren, second to die life insurance is a good way to handle the burden of federal estate taxes.

Conservatives: Introduce a «tax lock» plan to prohibit federal income tax and sales tax hikes along with increases to payroll taxes such as EI premiums for the next four years; cut EI premiums in 2017 from $ 1.88 to $ 1.49 per $ 100; phase in a new $ 2,000 Single Seniors Tax Credit, providing tax relief of up to $ 300 a year for seniors with pensions starting in January 2017; increase the Child Care Expense Deduction by $ 1,000 for children under age 7 to $ 8,000, to $ 5,000 for kids ages 7 to 16 and to $ 11,000 for children with disabilititax lock» plan to prohibit federal income tax and sales tax hikes along with increases to payroll taxes such as EI premiums for the next four years; cut EI premiums in 2017 from $ 1.88 to $ 1.49 per $ 100; phase in a new $ 2,000 Single Seniors Tax Credit, providing tax relief of up to $ 300 a year for seniors with pensions starting in January 2017; increase the Child Care Expense Deduction by $ 1,000 for children under age 7 to $ 8,000, to $ 5,000 for kids ages 7 to 16 and to $ 11,000 for children with disabilititax and sales tax hikes along with increases to payroll taxes such as EI premiums for the next four years; cut EI premiums in 2017 from $ 1.88 to $ 1.49 per $ 100; phase in a new $ 2,000 Single Seniors Tax Credit, providing tax relief of up to $ 300 a year for seniors with pensions starting in January 2017; increase the Child Care Expense Deduction by $ 1,000 for children under age 7 to $ 8,000, to $ 5,000 for kids ages 7 to 16 and to $ 11,000 for children with disabilititax hikes along with increases to payroll taxes such as EI premiums for the next four years; cut EI premiums in 2017 from $ 1.88 to $ 1.49 per $ 100; phase in a new $ 2,000 Single Seniors Tax Credit, providing tax relief of up to $ 300 a year for seniors with pensions starting in January 2017; increase the Child Care Expense Deduction by $ 1,000 for children under age 7 to $ 8,000, to $ 5,000 for kids ages 7 to 16 and to $ 11,000 for children with disabilitiTax Credit, providing tax relief of up to $ 300 a year for seniors with pensions starting in January 2017; increase the Child Care Expense Deduction by $ 1,000 for children under age 7 to $ 8,000, to $ 5,000 for kids ages 7 to 16 and to $ 11,000 for children with disabilititax relief of up to $ 300 a year for seniors with pensions starting in January 2017; increase the Child Care Expense Deduction by $ 1,000 for children under age 7 to $ 8,000, to $ 5,000 for kids ages 7 to 16 and to $ 11,000 for children with disabilities.

Alternatively, if I retire in 5 - 7 years, my taxable income will likely drop to the 15 % tax bracket or lower, and therefore I'd owe no federal capital gains tax on the brokerage account anyway, thereby growing tax free in a similar manner as the 529 plan.

Although you receive no federal income tax deduction for contributions to a 529 plan, earnings grow federal income tax deferred and may be withdrawn federal income tax free if used for qualified higher education expenses, which includes expenses such as tuition and fees, books, supplies, and room and board for students enrolled at least half time.

You don't pay federal or state taxes on 529 plan withdrawals as long as the money is used for qualified, higher education expenses including trade school, vocational school, junior college, and universities.

Your 529 assets grow deferred from federal and state income taxes as long as the money remains in the plan.

A contribution to a 529 plan account is treated as a completed gift from the donor to the designated beneficiary of the account and qualifies for the annual federal gift tax exclusion of $ 15,000.

As is the case with all 529 college savings plans, funds are exempt from federal income tax when used for qualified education expenses, but there are some caveats you need to be aware of.