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Richest 1% of Americans would gain 62% of benefits with SALT cap repeal

The main beneficiaries of the repeal – worth about $97 billion a year – are wealthy Americans who are among the top 1% of annual tax filers, according to a recent study by the Institute for Taxation and Economic Policy in Washington, D.C.
Those 1.6 million filers, who earn more than $644,000 a year, would receive 62% of the benefits – an average of $38,000 for each of them. With such high incomes, they pay substantially more in state income taxes, and many New Yorkers in the top 1% own homes with property tax bills that exceed $40,000.
The next highest 4% of filers – those making between $263,000 and $644,000 – would receive the 24% of SALT savings. That’s an average of $3,660 for 6.3 million filers. ....

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Cuomo says there is 'conceptual agreement' in place on late budget

Cuomo says there is ‘conceptual agreement’ in place on late budget
© BRENDAN MCDERMID
New York Governor Andrew Cuomo
ALBANY Gov. Cuomo said he and legislative leaders reached a “conceptual agreement” Monday on an already late state budget that may include mobile sports betting, but the fate of several other big-ticket items remains unclear.
The governor’s vague language did little to clear up questions about New York’s fiscal future a full five days after the April 1 budget deadline came and went without a plan in place.
“The budget is probably the most complicated, the most ambitious and probably the most important budget we have done,” Cuomo said in an afternoon conference call with reporters. “This budget will set the trajectory for the state for the next 10 years.” ....

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Cuomo says 'conceptual agreement' reached on budget in Albany

The governor’s vague language did little to clear up questions about New York’s fiscal future a full five days after the April 1 budget deadline came and went without a plan in place. ....

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