The recent federal tax reform, the Tax Cuts and Jobs Act of 2017, carries many implications for New York, though perhaps none are more controversial than the law's $10,000 cap on state and local tax deductions. Governor Andrew Cuomo described the cap as an "economic missile" aimed at the state, while House Speaker Paul Ryan argued that the SALT deduction was an unfair federal subsidy to New York and other high-tax states.
Now that the law has passed, Cuomo has vowed to do everything in his power to mitigate its effects on New York taxpayers, such as by adopting a new payroll tax that would serve as a substitute for state and local taxes or reclassifying state taxes as charitable contributions.
Are Cuomo's proposals ﬁscally, legally, and politically feasible? And how many taxpayers will be affected by the SALT cap? Please join MI and the Empire Center for Public Policy for a panel discussion on what tax reform will mean for the Empire State.
Scott Drenkard, Director of State Projects, Tax Foundation
EJ McMahon, Research Director, Empire Center for Public Policy
Andrew Mason, Partner, Sullivan & Cromwell LLP
Moderator: Howard Husock, Vice President for Research & Publications, MI