Cuomo explains tax code changes outlined in budget
January 17, 2018 06:58 PM
When Governor Andrew Cuomo unveiled his budget proposal on Tuesday, he recommended changes to the state tax code.
The governor says he wants to soften the blow of the new federal tax plan, which reduces the deductibility of state and local taxes.
The governor would have employers voluntarily pay a payroll tax to reduce the state's reliance on the personal income tax.
"Rather than taxing the income to an individual, you tax the wage paid by the company. Same rate, it's revenue neutral, but the company can deduct the expenditure, whereas the individual employee cannot," explained the governor.
The governor also talked about the $12 million the city of Albany wants from the state to balance its budget.
You can see Benita Zahn's full interview with Gov. Cuomo by clicking the link below.
Updated: January 17, 2018 06:58 PM
Created: January 17, 2018 06:52 PM
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