Sentences with phrase «from federal tax burdens»

The vast majority of K - 12 school funding in this country still comes from state and local revenues which would no longer be deductible from federal tax burdens.

The controversial reform plan that is still being negotiated in Washington, D.C. would either modify or completely eliminate the ability of New Yorkers to deduct state and local taxes from federal tax burdens and likely have deep economic impact for

Not exact matches

According to the Congressional Budget Office (CBO), recent changes to tax policy and the budget will increase the U.S. Treasury debt burden by a combined $ 1.8 trillion over 10 years ($ 1.46 trillion from tax policy and $ 320 billion related to the recent federal budget increase, on a «gross» basis).

Reed noted, of course, raising taxes to make up for the lost revenue from the federal government is an option but he doesn't believe state lawmakers would do that to constituents already facing a heavy burden.

Trump's promise to end state and local deductions — one element of his tax reform blueprint unveiled in April — would raise taxes on over one million middle - class New Yorkers and increase the city's federal tax burden by a whopping $ 7 billion, according to a new analysis from NYC Comptroller Scott Stringer.

Cuomo and House Democrats from New York — including Rep. Sean Patrick Maloney, D - Cold Spring — have argued the federal government should reimburse the state for the counties» Medicaid cost share if it wants to ease the property - tax burden on county taxpayers in New York.

Officials say that unless New York changes its tax code to delink it from the federal code, state taxpayers could see their tax burden increase by $ 1.5 billion — potentially worsening the pain to New Yorkers already dealing with the curbing of state and local tax deductibility.

For conservatives who have long supported shifting from an income tax to a sales or consumption tax, and oppose increasing the federal tax burden, this should be a no brainer.

Both our Provincial and Federal politicians have been insisting to anyone who will listen that the conversion from GST+PST to HST is «tax neutral» at worst and is more likely to reduce the tax burden of the average citizen.

Suburban REALTORS Alliance Position The Alliance is opposed to increases in the current transfer tax for the following reasons: 1) As the transfer tax is levied only on buyers and sellers of property, the burden per taxpayer is greater than the burden from a more broad - based tax designed to generate the same amount of revenue; 2) Since public transportation is a benefit that is open to all members of society, the charge should not be placed solely on buyers and sellers of property; 3) The transfer tax adds additional burdens on first - time home buyers saving for a down - payment and covering the closing costs and runs contrary to existing federal, state, and local programs including the mortgage interest deduction, low interest property maintenance loans, and grants to first time homebuyers; 4) A real estate transfer tax is a state and local tax assessed on real property when ownership of the property is exchanged between parties.