Federal taxes

Sorting Estate Tax Fact From Fiction

June 5, 2006.  New data from the IRS shows that only 1.6% of New York estates (and only 1.2% of all estates nationally) were subject to taxation in 2004. Press release including a fact sheet from Citizens for Tax Justice.… (read more)

Roth IRA “Conversion” Gimmick May be Used to Mask the True Cost of New Tax Cut Package Nearing Adoption by Congress

May 5, 2006. Press release below; also, links to additional resources.

Roth IRA “Conversion” Gimmick May be Used to Mask the True Cost of New Tax Cut Package Nearing Adoption by Congress

As news reports of the last several days have indicated, the chairs of the Senate Finance Committee and the House Ways and Means Committee have reached an “agreement in principle” on a tax reconciliation bill that would include approximately $70 billion of tax-cut extensions including a two-year extension … (read more)

House GOP Tax Cuts Ignore Crucial Funding

May 4, 2006. A letter to the editor by FPI Senior Economist Trudi Renwick, commenting on a Times Union editorial (April 19, 2006) on tax cuts being considered by Congress.… (read more)

House of Representatives’ proposed FY 2007 budget plan calls for large cuts in domestic programs while increasing the federal budget deficit

April 3, 2006. Press release:

House Budget Calls for Large Cuts in Domestic Programs and Would Worsen Deficit

Program Cuts Even Larger Than Those Proposed by President or Senate, Yet Would Be Offset by Tax Cuts and Added Defense-Related Spending

The five-year budget plan approved on Wednesday, March 29, 2006, by the US House of Representatives’ Budget Committee is badly out of step with both America’s needs and Americans’ concerns for fiscal responsibility and adequate funding of critical services.

Both … (read more)

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)