This Week in Albany

Week ending November 3, 2017

 

Federal Tax Reform

U.S. House Republicans revealed their long-awaited proposal to overhaul the federal tax code this week.

The proposal would limit the ability of New Yorkers to deduct state and local taxes from their federal taxes. The plan would eliminate the federal deduction for state and local income and sales taxes, while limiting the property tax deduction to $10,000. The plan would also put limitations on the mortgage interest deduction, though existing homeowners would be able to keep their deduction.

The plan would reduce the number of tax brackets from seven to four. Taxpayers earning up to $24,000 will pay no income tax, while the rates for married taxpayers filing jointly would be – 12% for those earning up to $90,000, 25% for those earning up to $260,000, 35% for those earning up to $1 million, and 39.6% for everyone earning over $1 million.

Other parts of the plan include almost doubling the standard deduction, cutting corporate taxes from 35% to 20%, and the eventual elimination of the Estate Tax. Lawmakers had discussed the possibility of limiting contributions to 401(k)s and other retirement plans, but the proposal does not touch retirement plans.

Stay tuned for more details on the plan once they become available.

 

Election Day is Tuesday

Tuesday is Election Day, and your vote is especially important this year.

By standing together and VOTING NO on the Constitutional Convention , we can protect our pensions, collective bargaining rights, public education, the environment, and all of the other protections and rights guaranteed in the New York State constitution.

So, what is your plan for voting?

Where is your polling place?

Not sure? Find your polling place on the Board of Elections’ website.

What time are you going to vote?

All polls are open from 6AM – 9PM.

 

Election Spotlight – Constitutional Convention

Click here to learn more about the constitutional convention ballot question and why you should VOTE NO on Tuesday.