Federal taxes

Who Pays the Individual AMT

March 22, 2006.  State by state estimates from the Citizens for Tax Justice.… (read more)

Introduction to the Federal Budget Process

January 17, 2006. Policy basics from the Center on Budget and Policy Priorities – first written in 2003, and updated regularly.… (read more)

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, … (read more)

Large, Profitable Corporations Not Paying Their Fair Share

September 22, 2004. Eighty-two of America’s largest and most profitable corporations, including twelve New York-based corporations and many other corporations that generate a substantial portion of their profits in New York state, paid no federal income tax at all in at least one year during the first three years of the George W. Bush administration, a period when federal corporate tax collections feel to their lowest sustained level in six decades. This is one of many startling findings of a … (read more)

Combined Impact of the Federal, New York State and New York City Income Tax Changes

June 2003. The net result? A substantial net reduction in the income tax liability of affected taxpayers. Data analysis >>

In adopting the 2003-2004 state budget, the New York State Legislature was able to greatly reduce the local property and sales tax increases and the service cuts that would have occurred if Governor Pataki’s budget had been adopted as submitted. To a significant degree, this local tax relief was made possible by the Legislature’s adoption of temporary increases in the … (read more)

New York Impact Analysis: Effects of 2004 Congressional Budget Resolution

April 23, 2003. Due to the federal tax and budget agreement, New York will suffer $1.56 billion in cuts to key programs over ten years to pay for tax breaks for the wealthy, according to this report from the Economic Policy Institute and the Institute for America’s Future.

Groups call on House to join Senate in passing fiscal relief for the states; joint statement from FPI and New Yorkers for Fiscal Fairness releasing new EPI/Institute for America’s Future report… (read more)

A Preliminary Analysis of the Impact of President George W. Bush’s Tax Cut Proposals on New York State

April 12, 2001. A new administration in Washington is determined to push through an unprecedented $1.6 trillion tax cut that will have far-reaching effects for years to come. This report shows that the Bush tax plan would hit the Empire State with a powerful “double whammy.” While the richest 1.1% would receive over 60 percent of the tax cut, 2.5 million New Yorkers would be left entirely. Many other New Yorkers would receive cuts that are smaller than advertised. Overall, … (read more)