Giambra Says Legalize Cannabis, Gov. Cuomo Says Study It
Giambra Says Legalize Cannabis, Gov. Cuomo Says Study It
Image via Flickr Billie Grace Ward
19 January, 2018, 08:35
Governor Andrew Cuomo is calling on lawmakers to fund a study of the impact of legalizing cannabis for recreational use.
And perhaps with good reason. Under Cuomo's proposal, a firm that gives minority ownership to a non-certified public accountant wouldn't be able to have certified public accountant or CPA in the firm's name. After all, it involves tax laws.
"You are making the state code increasingly complicated and for what?" said Steve Wamhoff, a senior tax policy fellow at the Institute on Taxation and Economic Policy, a Washington D.C. progressive-leaning group that looks at tax issues such as fairness.
Homeowners would receive a tax credit from local taxing jurisdictions for the amount of their donations, and they could deduct the payments as charitable contributions on their federal tax returns, he said.
The payroll tax would be a major shift to how NY collects taxes and funds its government and Republicans in the Senate have already expressed opposition.
He proposes the NYS Department of Health work with State Police and other agencies to study how a regulated pot program would work.
Cuomo's office anticipates the change would boost tax revenues by $89 million in 2018-19 and $159 million annually in future years.
For example, the report notes that New York State is constitutionally prohibited from levying a tax on the Federal Government.
Gov. Cuomo: "Yeah, except they're wrong". "It is a mess, there's no doubt about it", he said "But I'm not so sure this is the way to address it".
And because the halting of employee income taxes would be offset by a lower gross pay, McMahon has noted that "workers would have to accept what amounts to a gross pay cut, trusting that their take-home pay would not change".
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Gov. Cuomo: "It wouldn't cost Amazon anything".
There Would Still Be Income Tax.
'It's a gateway drug, and marijuana leads to other drugs and there's a lot of proof that that's true, ' he warned a year ago, according to New York Magazine.
More details are expected Wednesday on Cuomo's proposed statewide payroll tax that would eventually replace the personal income tax.
"The truth is that more than 85 percent of New Yorkers and small businesses will get the benefit of a tax cut under the new federal tax plan", he said in a statement.
"Giambra reportedly said, Friday, "[Andrew] Cuomo is the conductor and he is running the train system into the ground".
The governor is also relying on some one-time revenues from bank settlements after the financial crisis, to pay for improving the New York City subways, funding hospitals and other health care providers, and paying for some day-to-day state operating expenses.
"We are in a tough time", Heastie said "We're going to try to do the best we can".
He said the Department of Taxation and Finance would release a report January 17 with details on the plan. "With this blueprint as a foundation, we will work with experts, the Legislature, employers, taxpayers, and other stakeholders to develop and implement changes to the tax code that protect all New Yorkers".
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