New York Budget Imposes New Taxes

The New York General Assembly and Governor Andrew Cuomo reached agreement on a spending plan for the current fiscal year that calls on several significant tax increases to balance the $212 billion spending plan. Notwithstanding billions of dollars coming in federal largesse from the recently passed American Rescue Plan Act of 2021, New Yorkers will…

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A Rose by Any Other Name

Parliamentarian rulings be damned, Senate democrats are looking at different options to circumvent the ruling of the Senate Parliamentarian last week that a provision in the House-passed American Rescue Act of 2021 (Covid-19 relief bill) is ineligible for passage under budget reconciliation rules (which only require 50 democratic votes for passage rather than 60 votes…

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DC Rethinks Impact, Rejects Advertising Tax

Just a few weeks ago, the Washington DC City Council seemed hell-bent on balancing its municipal budget on the backs of already suffering businesses, but at long last, common sense has apparently prevailed. The DC Council approved a $16.8 billion budget for FY 2021 this week and in doing so, abandoned a new 3 percent…

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More Mandate Mania

On a regular basis, we have advised our subscribers of the ever-expanding government mandates on employee benefits, minimum wages, sick leave, family and medical leave and the like. Well, yet another new mandate was proposed last week in the United States Senate – the Saving For The Future Act. Filed by declared democratic presidential candidate…

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Maryland Entertaining Combined Reporting

To the dismay of a number of retail and restaurant groups within Maryland, state senator Ron Young is now pushing legislation in Annapolis that would mandate combined reporting for state income purposes and potentially generate an additional $50 million in revenue for the Terrapin State. Combined reporting, which is currently the law in 27 states…

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Trump Tax Reform

President Donald Trump released his plan to radically remake the tax code on Wednesday. According to initial media reports, the President’s proposal would slash the corporate tax rate, boost the standard deduction for individual taxpayers and eliminate the estate tax entirely. In addition, the plan would also repeal the Alternative Minimum Tax for individuals as…

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Governor Wolf Looks to Cut Corporate Taxes

Pennsylvania’s chief executive is worried about the state economy rather than its convicts – he is advocating a dramatic cut in corporate tax rates by as much as 50%! New Governor Tom Wolf announced last week the tax cut plan, which would move Pennsylvania from 2nd place in highest corporate tax rates to 47th!   Among…

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