Federal Double Tax Proposal
4/19/2013 (Updated 10:56:14 PM)BINGHAMTON -- Could a proposal in Washington mean thousands less in the pockets of New Yorkers?
The proposal would keep taxpayers from deducting their state and local tax liability from their federal taxes. According to Governor Cuomo's office, if the proposal became reality than it would cost over 55,000 taxpayers an average of $2,800. But that would be true for those who itemize their state and local tax bill, not those who take the standard federal deduction, which in 2013 is $12,200 for a couple filing jointly.
"We have a lot of people who are claiming the standard deduction already because the federal government has been pushing that up higher and higher. You also have a lot of retirees who don't own New York State taxes so they're not going to be subject to that," said Gerri Harrison, President of Ever Evolving Enterprises.
Harrison says any tax proposal in Washington isn't worth planning for until it becomes a reality, something she doesn't feel is likely with this proposal.
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