Sentences with phrase «replace state income taxes»

A report in Sunday's New York Times said Democrats in some states, perhaps including Governor Cuomo, were considering proposals to «replace state income taxes, which are no longer fully deductible under the new [federal] law, with payroll taxes on employers, which are deductible.»

One analyst said this could focus on partially replacing the state income tax with a payroll taxes on employers, which business can deduct.

Not exact matches

But perhaps the most promising option, teased by a large group of tax law experts and vocally championed by prominent liberal economist Dean Baker, is for states to repeal their income taxes and replace them with employer - side payroll taxes.

The proposal would either replace or exist alongside the current personal income tax as a workaround to a newly approved federal cap on state and local tax deductions.

Cuomo wants to create a payroll tax that would either replace or work on a parallel track with the state's existing personal income tax.

Cuomo is considering overhauling how the state collects tax revenue through the adoption of a payroll tax that could either replace or work in parallel with the personal income tax in New York as a way of working around the SALT cap.

Cuomo has floated the idea of big changes to the state's tax code, including a new tax on certain investment income and a payroll tax, which could be used to replace some or all of the state's income tax.

But the governor — who teasingly sidestepped chants that he run for president — did not mention President Donald Trump's name, choosing instead to lambaste Republicans in Congress for efforts to repeal and replace the Affordable Care Act and end state and local deductions on the federal income tax.

Cuomo said he will launch a campaign to repeal and replace the new Republican tax plan — including exploring «a plan to restructure the current income and payroll tax system,» a move that would significantly alter the state's tax system.

Cuomo's tax department said it would release a preliminary report Wednesday outlining options for state tax reforms, including replacing the bulk of the state income tax system with a new employer - paid payroll tax and possibly the creation of charitable non-profits that people can donate to help fund the government.

Nicole Keading, an economist at the conservative - leaning Tax Foundation, said that change also could mean that states would replace progressive income tax structures with flat payroll taxTax Foundation, said that change also could mean that states would replace progressive income tax structures with flat payroll taxtax structures with flat payroll taxes.

Cuomo last week proposed replacing the state's personal income tax with a payroll tax as a response to the federal tax law capping state and local tax deductions at $ 10,000.

One proposal may be to replace the state's personal income tax with a payroll tax.

At least two commissions have recommended that the local school property tax be replaced by a real progressive state income tax.

It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self - employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.

The standard deduction doesn't just replace state and local income taxes, so it doesn't make sense to put it there.

Many taxpayers, especially in high - tax states, may find munis even more appealing to help replace deductions lost to other TCJA provisions, including the $ 10,000 cap for deductions of state and local taxes.3 Tax - free muni interest can help lower taxable income regardless of whether you itemize deductiotax states, may find munis even more appealing to help replace deductions lost to other TCJA provisions, including the $ 10,000 cap for deductions of state and local taxes.3 Tax - free muni interest can help lower taxable income regardless of whether you itemize deductioTax - free muni interest can help lower taxable income regardless of whether you itemize deductions.

The Liberals explained their decision to scrap CCTB and UCCB and replace it with the Canada Child Benefit by stating that: «Canada's existing child benefit system is complicated, consisting of a tax - free, income - tested Canada Child Tax Benefit with two components (the base benefit and the National Child Benefit supplement) and a taxable Universal Child Care Benefit received by all families, regardless of incotax - free, income - tested Canada Child Tax Benefit with two components (the base benefit and the National Child Benefit supplement) and a taxable Universal Child Care Benefit received by all families, regardless of incoTax Benefit with two components (the base benefit and the National Child Benefit supplement) and a taxable Universal Child Care Benefit received by all families, regardless of income.

The federal Petroleum Resource Rent Tax (PRRT) has replaced state royalties for new offshore oil and gas, so Victoria would not receive any royalty income from the new Dory gas project.

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Life Insurance can be the cornerstone of sound financial planning as you and / or your beneficiaries can use it to replace income, pay final expenses, create an inheritance and pay «Death» Taxes for Federal and State «Estate» settlements.

Legislators say states could replace the income tax with payroll tax that are levied on employers.

As you recall, a 1031 exchange allows the taxpayer to defer or postpone the payment of federal and state capital gains and depreciation recapture taxes, when real property held for the production of income for a business or investment is replaced with real property of equal or greater value than the relinquished property's net sales price.