Ra: More Taxes is Not the Solution
Assemblyman Ed Ra (R-Franklin Square) is pleased to announce his cosponsorship of a bill (A.9061) which decouples the state and the federal government’s tax codes. Since the new federal tax plan would result in a multitude of changes to the tax code, many states which structured their own tax codes around the federal code are taking a closer look at what that could mean for their governments and residents.
“With some of the highest taxes in the country, the last thing New Yorkers need is more,” said Ra. “The governor has been focused on a lawsuit against the federal government and a massive reshuffling of our tax structure. Meanwhile, decoupling our tax codes is an immediate step that can be taken to prevent an additional $1.5 billion from being imposed on our taxpayers. I would like to call on the Assembly leadership to bring this bill forward for a vote as soon as possible to save us all from this burden.”
State legislators are concerned about the requirement for taxpayers to take the state standard deduction if they take the federal standard deduction, which is said to be more compliant with the new plan. Although it would provide nearly $45 million in additional revenue to the state, it would be at the expense of taxpayers, leaving them with thousands of dollars in extra taxable income. Another concern is the elimination of federal personal exemptions, which some New Yorkers previously used to be eligible for the standard deduction. This issue could cause the state tax liabilities of New Yorkers to increase by over $800 million.
“We need to stop complaining and start taking action to avoid saddling New Yorkers with a heavier burden,” Ra concluded.