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ALBANY -- New York may end its income tax and instead expand its
payroll tax as a way to outmaneuver the new federal law that limits
deductions for state and local taxes.
Gov. Andrew Cuomo said
Wednesday during his State of the State address that he is exploring how
to make the complicated switch, joining other high-tax states in
considering how to protect residents' tax deductions and state revenue.
California and New Jersey leaders have also discussed similar steps,
such as programs to allow people to pay charitable contributions to
their state governments -- rather than pay income taxes.
"It's a
question of our competitiveness long term and preserving the strength of
New York state and New York's state economy," Cuomo said, "at a time
when we have federal government that is giving other states a structural
competitive advantage against us."
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Source: WGRZ.com (via Empire Report New York)
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