Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

New York would face USD43b taxes if fiscal cliff applied in 2013  Join our daily free Newsletter

MENAFN - 06/12/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN) New Yorkers will face hefty tax increases of more than USD43 billion in 2013 if Congress fails to come up with a solution for the so-called fiscal cliff negotiations, Reuters reported, citing New York State Comptroller Thomas DiNapoli.

The federal spending cuts and tax increases, known as the fiscal cliff, are set to go into effect on January 1 unless lawmakers reach a compromise.

DiNapoli said in a statement that New York would face sharp rises in taxes on January 1 for virtually all 8.9 million working in the state.

Recently, Republican leaders in the US House of Representatives said talks with President Barack Obama were deadlocked.

If the fiscal cliff is applied, there would be a 47 percent increase in the payroll tax rate. This would cost New Yorkers USD7.7 billion.

An extra 3.4 million people in the state would have to pay the federal alternative minimum tax in addition to the 500,000 who currently pay it.

From Buffalo to New York City and towns in between, the state and its local governments together would also lose USD609 million in federal aid next year, including USD210 million in education funding, according to Federal Funds Information for the States.

DiNapoli said the state could lose about USD5 billion in federal aid over nine years, citing calculations from the New York State Division of the Budget.

Federal lawmakers have also proposed limiting the tax exemption on municipal bonds as a way to raise revenue, but that would bump up costs for the state and other borrowers, DiNapoli added.

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help