Sentences with phrase «new federal tax revenues»

Not exact matches

WASHINGTON, Oct 9 - A top Senate Democrat on Tuesday said new tax revenues should go to reducing the federal deficit, not cutting tax rates, dismissing as «obsolete» a Reagan - era model of tax reform.

The federal government will keep up to $ 100 million on the new taxes as part of a cost sharing split that will see three - quarters of cannabis tax revenue flow to provinces and territories.

The company reported earnings and revenue for the first quarter that were roughly in line with consensus estimates, but did not provide much new color on an unfavorable tax allowance decision from federal regulators.

According to the report, New York contributed $ 12,914 per capita in tax revenue to the federal budget — but received $ 10,844 in per capita federal spending.

New York faces a budget deficit of $ 4 billion to $ 8.6 billion and that is before taking into account billions more in revenue that will be lost due the recent federal tax reform package.

Proponents of raising taxes on New York's wealthiest say they have a new impetus to increase the state's revenue — the continued bad news from Washington about deep federal cuts to health care and other areNew York's wealthiest say they have a new impetus to increase the state's revenue — the continued bad news from Washington about deep federal cuts to health care and other arenew impetus to increase the state's revenue — the continued bad news from Washington about deep federal cuts to health care and other areas.

Legislators and business leaders said they will require days to analyze the proposals and many question whether the Internal Revenue Service, Congress or the White House would allow the effort to avoid the provision of the new federal tax law.

We applaud Governor Paterson's argument that, should New York receive a significant cash infusion from the federal government for Fiscal 2010, the state should use those revenues to cut back on significant proposed tax and fee hikes, rather than restore or increase governmental spending.

Gov. Andrew Cuomo unveiled a $ 168 billion spending plan that he said held echoes of the darkest days of the recession, necessitating a raft of ideas to raise revenue and counter a new federal tax plan that he warned could devastate some taxpayers.

The fixes include new language to help ensure that Connecticut would be able to receive as much as $ 1 billion in federal revenue that's tied to a hospital tax in the budget.

, New York contributed $ 10,896 per capita in tax revenue to the federal budget, nearly a third more than the national average, and received an estimated $ 9,885 in per capita federal spending, slightly below the nationwide average.

«It is also essential that the Governor and New York business, labor and civic leaders work with President Bush, the New York Congressional delegation, and the leaders of the U. S. House and Senate to secure direct federal assistance for the tax revenue that the state is losing as a direct result of the September 11 attacks,» said Mauro.

«Residents will get every possible deduction that is still available under the new federal tax law, including some that result in lower revenues for state and city government,» Wylde said.

In addition to the new charitable funds, New York is decoupling provisions in its tax law from the federal revenue code — moves that have broad, bipartisan support and would have resulted in a «stealth tax» to New Yorkenew charitable funds, New York is decoupling provisions in its tax law from the federal revenue code — moves that have broad, bipartisan support and would have resulted in a «stealth tax» to New YorkeNew York is decoupling provisions in its tax law from the federal revenue code — moves that have broad, bipartisan support and would have resulted in a «stealth tax» to New YorkeNew Yorkers.

Malloy says the new language is needed to ensure that Connecticut will receive as much as $ 1 billion in federal revenue that's tied to a hospital tax in the budget.

The effects of forthcoming federal tax reform efforts — such as limitations on the deductibility for state and local taxes and the exemption for municipal bonds — could hit the state hard, the duo said, and have «significant implications» for the revenues of both New York City (the state's main economic engine) and the state.

The governor says the new taxes, which would raise most of the money from the healthcare industry, are necessary to deal with an expected drop in federal aid and the loss of revenue under the new federal tax law.

The State Comptroller, Tom DiNapoli, in a report earlier in the week, said all local governments in New York face a grim new fiscal reality, as tax revenues and state and federal aid decline, unemployment remains high, and the recession continues to lingNew York face a grim new fiscal reality, as tax revenues and state and federal aid decline, unemployment remains high, and the recession continues to lingnew fiscal reality, as tax revenues and state and federal aid decline, unemployment remains high, and the recession continues to linger.

If enacted, the state would deposit the tax revenue in a proposed health care shortfall fund that would offset losses to New York from cuts in federal health care funding to the state.

On the N - Tax component added to the new recruitment, he said it was being done as a leverage partnership with the Federal Ministry of Finance and the Federal Inland Revenue Service to grow the country's tax baTax component added to the new recruitment, he said it was being done as a leverage partnership with the Federal Ministry of Finance and the Federal Inland Revenue Service to grow the country's tax batax base.

Just five states — California, Illinois, New Jersey, Massachusetts, and New York — make up 50 percent of the revenues required to support the federal tax plan.

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.

Revenues from the ongoing Wall Street rally will be a «bright spot» heading into potentially difficult state budget talks complicated by the federal tax overhaul, but New York government leaders shouldn't count on stock market gains to cover a deficit projected to be in the billions of dollars, the state's top fiscal officer said Tuesday.

Cuomo said New York and California continue to be the largest donor states to the federal government, sending much more to Washington in tax revenue than either gets back in federal services.

If adopted on a large scale in New York and California, the measure would sabotage Trump's federal tax law by sapping its revenue stream while compounding federal deficits years down the road, according to the tax experts.

INDIANAPOLIS — Given declining revenues from gasoline and diesel fuel taxes and the need for new ways of funding road infrastructure, state and federal policymakers are considering or have enacted annual registration fees for plug - in vehicles.

Ironically, the federal dollars arrived before the recession - induced fiscal crunch hit local revenues from local property taxes, as it takes a year or two, sometimes longer, for depressed property to be assessed at its new, lower value.

Under the new Senate bill, public schools would have to share additional federal funding, gifts and grants, sales tax revenues and other funding.

Jones said she is contemplating a bill to eliminate the child deduction on Utah income tax (though not the federal deduction) and dedicating new revenues from this move to local public schools through the community councils.

New Brunswick's personal income tax is administered and collected by the federal government through the Canada Revenue Agency.

Ottawa estimates that in 20 years, relative to the size of today's economy, increasing the TFSA limit and not indexing the new limit to inflation will amount to 0.03 per cent of total federal tax revenue.

States therefore must look at whether to capture the opportunity to boost their tax revenue by conforming to a more inclusive definition of taxable income under new federal law.

The Revenue Reconciliation Act of 1993 eliminated some of the changes in the 1986 tax act and added two new federal income tax brackets to the existing three, with the top rate hitting 39.6 %.

With the federal deficit now estimated to come in at $ 18 billion (or more), there is nervous speculation that Finance Minister Bill Morneau may go beyond the specific tax changes already detailed in the Liberal pre-election platform and introduce new measures in his March 22 budget to raise much needed tax revenue.

But some are cautiously arguing there could be a green silver lining: The obvious need for new federal revenues may begin to make a carbon tax a more viable policy option.Here's ClimateWire:

Will the federal government develop a new formula relying on the current system of transferring money to Indian bands or will indigenous peoples «actually get to act like governments,» taxing their citizens and providing for them through generated revenues?

Each of these tax types was momentous because they led to a new base of federal revenue that applied to all sectors of the population.

The U.S. federal government didn't begin to approach its modern scale of activity until the New Deal following the Great Depression in the 1930s, which was financed with very high income taxes and estate taxes, high customs duties such as the Smooth - Hawley tariffs imposed not long after the crash of 1929 (which were so high that they reduced customs revenue rather than increasing it), and newly imposed payroll taxes.

PPAFNJ is registered in New Jersey as a nonprofit corporation and is exempt from federal income tax under Section 501 (c)(4) of the Internal Revenue Code.

Increased scrutiny around federal tax policies and pressure to find new sources of revenue could cause Congress to repeal or limit the use of Section 1031 (also referred to as the Like - Kind Exchange).

In light of the IRS's unique role as the federal revenue collector, the National Taxpayer Advocate recommends that Congress develop new budget procedures designed to fund the IRS at a level that will enable it to meet taxpayer needs and maximize tax compliance, with due regard for protecting taxpayer rights and minimizing taxpayer burden.

When the Great Recession hit, poof went federal funding, poof went new development and poof went tax revenues as property values in the suburban fringe plunged.