The Federal Income Tax Deduction for State and Local Taxes Paid

May 23, 2005. This deduction is a key element of American federalism and a protection against double taxation: Allowing taxpayers to deduct the state and local taxes that they pay in calculating their federal income tax liability is an essential part of a governmental system in which the federal and state governments have independent sovereign taxing authority. In the American federal system, when people pay state and local taxes, they have less money left over to pay federal taxes. Thus, when it comes to the [...]

2020-10-27T13:07:10-04:00May 23rd, 2005|Letters, Tax & Budget|

Taking Away the Ladder of Opportunity: Hotel Conversions and the Threat Posed to New York City’s Tourism Jobs and Economic Diversity

May 17, 2005. Despite record tourism and business travel levels, the wave of conversions of high-end hotel rooms to luxury condominiums is costing the city dearly in terms of hotel jobs.  Over 3,200 Manhattan hotel rooms will be lost in 2004 and 2005 and another 3,000 hotel rooms are in jeopardy of conversion.  As a result of conversions, hotel employment in New York City has fallen by 2,200 or five percent since September 2004. Considering the importance of a prosperous tourism sector to the city's [...]

Go to Top