POST Online Media Lite Edition



 

Eight US states join campaign to fight for tax fairness

Staff Writer |
Governor Andrew M. Cuomo announced Connecticut, Hawaii, Illinois, New Jersey, Oregon, Rhode Island and Washington joined New York's nationwide campaign to fight for tax fairness.

Article continues below




Governor Cuomo launched the campaign following his meeting with President Trump on the devastating impact of the elimination of full state and local tax deductibility, which disproportionately impacted New York and other predominantly Democratic states.

New York has observed a decline by $2.3 billion in estimated payments of Personal Income Tax receipts in December and January.

New York's revenue loss is consistent with results for the same period in similarly situated states.

"We're here today to talk about basic tax fairness. We have a tax system in this nation and every American expects the same thing, which is fairness," said Governor Cuomo.

"They want to pay their fair share of taxes and they want to receive the benefit in return. The president signed tax reform in December of 2017, as everybody remembers. It was a tax reform bill that, in our opinion, skewed the benefits to the rich and the rich corporations.

"And that was the discussion at the time. But there was a provision in that tax reform bill that very few people took notice of, which is now referred to as SALT, which was ending the deduction of state and local taxes," said Governor Cuomo.

"They did this, in part, to finance the tax cut for the rich. The deduction of SALT raised over $600 billion for them to finance their tax cut.

"What does it mean, the deduction of SALT? It means those states that have state and local taxes, those taxes would no longer be deducted from the federal income tax.

"Which mean, in essence, your state and local taxes will be taxed by the federal government. It hurts, obviously, those states with state and local taxes. This was the first time since the federal income tax was proposed by President Abraham Lincoln that the federal government did this," said Governor Cuomo.

"It is the first tax on taxes in the history of the United States of America.

"And what it does, is it puts those states that have state and local taxes at a structural economic disadvantage.

"Because now, in this mobile economy where people can move and businesses can move and they can shop for better economic conditions, it puts the states with state and local taxes at a significant disadvantage from the other states, compounded by the fact that they just got a tax decrease in that same Tax Reform Act," said Governor Cuomo.

"It has hurt New York State. I can tell you that. We are now seeing our tax returns come in at the beginning of the year.

"Our estimated payments are down 55 percent, which means our state has a $2.3 billion shortfall on the revenues that were predicted.

"Now coincidentally, the states that have state and local taxes tend to be Democratic states. And I'm sure that was a coincidence in the way the bill was actually written. But that coincidence did not go unnoticed," said Governor Cuomo.

"Now, President Trump has said he is open to discussing this SALT provision, which is a gross injustice. It was politically motivated in my opinion. It was declaration of an economic civil war between Democratic states and Republican states. But he said he was open to discussing it.

"Senator Grassley said the exact opposite," said Governor Cuomo.

"By the way, I believe President Trump is now open to discussing it because he now has a Democratic Congress and Speaker Nancy Pelosi and this tax change effects many of the members of her delegation, by definition, and he's going to have to be open to speaking about it because I'm sure it's going to be on top of the Congressional agenda.

"Senator Grassley went the exact opposite way and said he's not open to it because these states, the Democratic states that have SALT deductions that it would be a giveaway to those states with state and local.

"The truth is the exact opposite. Here's a surprising fact, but math still matters even in Washington, D.C. Of the 50 states, 40 states receive money from the federal government. Ten states donate.

"Meaning, when you look at what states pay into the federal government versus what they get back, 40 states get back more than they put in.

"10 states actually contribute more to the federal government than they receive back. New York is the number one donor state at $36 billion.

"We give in $36 billion more than we give back," said Governor Cuomo.

"The state of Iowa, which is represented by Senator Grassley actually receives $3.5 billion more than they put in.

"So, if you're talking about fairness, if you're talking about justice, this added insult to injury.

"These were states that were already contributing more to the federal government and now they receive less and they contribute even more.

"It's ironic that an administration that is so vehemently against the concept of income redistribution, right, we shouldn't take from the rich to give to the poor.

"Well the way they fashioned their tax statement, you have 10 states giving and 40 states receiving. It is the ultimately redistribution and the deduction of SALT just adds insult to injury.

"In some ways, I'm not surprised. Look, this is an administration that has made their tactics clear. It is divide and conquer," said Governor Cuomo.

"They will divide by race, they will divide by sexual orientation, they will divide by immigration status and now through their economic platform they divide by party identification," said Governor Cuomo.

"Where they have the democratic states paying more than the Republican states.

"It's wrong, it's divisive, it's poison for this nation, it is a cancer in the American body politic and it's spreading.

"And this, pardon the pun, adds salt in the wounds, both literally and figuratively.


What to read next

EC finds Luxembourg gave illegal tax benefits to Engie
New York fails to verify jobs created for tax incentive program
Vietnam plans higher tax incentives for IT companies

U.S.: Pacific storm over west

 
An omega pattern aloft will support impactful weather across the Central U.S. this weekend.
 
 

Latest

U.S. drillers cut oil and gas rigs to 620
4.8 magnitude earthquake rattles New Jersey and New York
Rare species of wild bees discovered in Berlin
UK: Leicester City Council confirms ransomware attack after confidential documents leaked

NEWS

Finland extends border closure with Russia indefinitely

Russian nationals admit to illegally sending controlled aviation technology to Russia
Germany says Russia ‘very likely’ responsible for Baltic GPS disruptions
Singapore jails second defendant in laundering case
Taiwan earthquake deaths climb to 12
Czech police arrest 14 for drug smuggling
 

BUSINESS

Australia: East coast gas surplus expected in Q3 2024

Kuwait-Saudi rail link to be ready by 2028, says report
Cambodia approves investment projects worth $2.2 in Q1
Venice to charge day trip tourists 5 euros
Commission opens two in-depth investigations in solar photovoltaic sector
UK airports granted extensions to install cutting-edge security technology
 

Trending Now

Slovenia's economy expected to grow 0.9 pct in Q1

UK scientists win funding for 'cancer detecting' Lollipops

UK's competition watchdog to examine EDF buying GE's nuclear turbine unit

Gilmour Space launches Bowen Spaceport


POLITICS

UK Exports Minister visits Latin America to boost trade and unlock billions worth of exports

Argentina, Brazil in talks to reverse Bolivian gas pipeline amid shortage
Trudeau offers $6 billion to provinces to build housing
€1 billion Greek State aid measures to support renewable energy generation and storage projects
North Carolina reaches electric vehicle registration goals two years early
Colorado Energy Office launches tax incentive for geothermal electricity development and production
 

Today We Recommend

Thieves steal up to $30 million in one of largest cash heists in L.A. history


Highlights 

99 Cents Only Stores to close all 371 stores

Alaska Airlines says Boeing paid $160 mln for 737 Max 9 grounding

Saint-Gobain to acquire Bailey for $650 million


COMPANIES

99 Cents Only Stores to close all 371 stores

Alaska Airlines says Boeing paid $160 mln for 737 Max 9 grounding
Lindsay announces agreement to acquire minority interest in Pessl Instruments
Saint-Gobain to acquire Bailey for $650 million
Farmers Mutual Hail to acquire Global Ag from AXA XL
Oar Resources signs deal to acquire Namibian prospecting licences
 

CAREERS

TerraPay names Marco Boldini as EVP and global head of governmental affairs

Farmers Insurance appoints John Griek as CFO
PA Media Group appoints Emily Shelley as new CEO
BioNTech appoints Annemarie Hanekamp as chief commercial officer
Ecobank Group strengthens leadership team
Veramed appoints Karen Curran as chief strategy officer
 

ECONOMY

Slovenia's economy expected to grow 0.9 pct in Q1

Italy faces deficit infringement procedure
Real GDP increased in all 50 U.S. states
Inflation continues to decline in Germany
UK house prices log unexpected fall
South Korea's FDI logs double digit growth in Q1
 

EARNINGS

Dollarama Q4 sales increased 11.3%

Conagra Brands Q3 sales decreased 1.7%
Liebherr finished 2023 business year with record revenue of €14,042 million
BlackBerry Q4 revenue $173 million
Levi Strauss Q1 revenues 8% lower
PVH Q4 revenue of $2.490 billion flat
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

FAO Food Price Index rises in March

Australia grants license for GM bananas amid Fusarium Wilt TR4 concerns
Indian government allows exports of 10,000 tons of onions to UAE
Analytical survey: Sales of agricultural lands in Ukraine up 50% in February
Decline in Norwegian seafood exports in Q1
Tanzania's first fishing harbor to be completed in 2025
 

LEADERSHIP

Study finds workers misjudge wage markets

Some organizations may need to expand their hierarchical structures earlier than others
Study finds there's right way and wrong way to deliver negative feedback in workplace
Allyship is critical and its needs appreciation
Generating 'buzz' about new products can influence their success
Hiring 'problem directors' can knock up to 64% off firm's value
 

CRIME

HSBC pays penalties for alleged breaches of Consumer Data Right rules

Sanofi to settle thousands of Zantac cancer lawsuits
Former asset manager and board member of Geneva private bank referred to Swiss Federal Criminal Court
South Africa: SAP ordered to pay SIU $26m over 'invalid' Eskom contracts
Former Steinhoff director appears in court for $1.1b fraud, racketeering
Genesis agrees to pay $21 million penalty to settle SEC charges
 

Magazine

TRAVEL

Buna channels, an unreal and beautiful part of Bosnia and Herzegovina

JW Marriott unveils Mindful Haven with opening of JW Marriott Hotel Nairobi
Sotheby's Sports Week returns with fantastic artifacts
Red Roof properties open in Michigan
Treyam, your premier lagoon destination in Saudi Arabia
San Francisco: SkyStar wheel on Fisherman’s Wharf to stay for another 18 months
 

SEA, LAND, AIR

2025 Chevrolet Equinox stands apart with fresh looks and capability

Hill Helicopters HX50, luxury in the sky
Opel Movano becomes fully equipped camper van
Porsche Panamera, new hybrid variants
Dodge Charger, 670 horsepower of electric
Pagani Huayra R Evo, 900 hp from 770 Nm
 

DESIGN

Cold night, hot fire pit, cool entertainment

Embellish your home with PVC panels
You'll have to hurry if you want one of 20 new Louis Vuitton watches
Luxury duvet looks good, fells good and keeps you healthy
Vacheron Constantin, watches for life and more
Schüller kitchens, where functionality marries design
 

GADGETS

reMarkable 2, monochrome tablet for your thoughts and your eyes

OnePlus Ace 3V, first with Snapdragon 7 Plus Gen 3
ASUS Zenfone 11 Ultra, flagship with a reason
Samsung Galaxy S24 is photography powerhouse
Casette tapes are making a big comeback, and so are portable players
Neumann TLM 103, standard microphone for both voice and music
 

HEALTH

India launches first home-grown gene therapy for cancer

UK scientists win funding for 'cancer detecting' Lollipops
State to cover rare disease treatment costs in Bulgaria
Type 1 diabetes patients in England to receive 'artificial pancreas' as medication
Pilot study shows ketogenic diet improves severe mental illness
Texas reports possibly U.S. first human case of bird flu linked to cattle
 

MEANTIME

SLAC completes construction of largest digital camera ever built for astronomy

Solar eclipse next week in U.S., Mexico and Canada
Gravitational waves may have made human life possible
Astronomers unveil strong magnetic fields spiraling at the edge of Milky Way's central black hole
Scientists on hunt for evidence of quantum gravity's existence at South Pole
Hydrogen train from Switzerland sets world record