ALBANY — Yankees President Randy Levine says Republicans struck out with their ultimate tax invoice and urged Gov. Cuomo to step as much as the plate to guard New Yorkers.
In an opinion piece for the Empire Report information web site on account of publish Thursday night, Levine threw a spitball on the concept of New York shifting away from a state earnings tax in favor of a brand new payroll tax to make up for the extreme restriction of deductibility of state and native earnings and property taxes included within the federal invoice.
Levine referred to as the thought, which Cuomo raised in his latest State of the State tackle, a “theoretical repair” that has “too many pitfall and issues.”
Amongst them, he wrote, was current employment contracts and collective bargaining agreements that might should be reworked.
However Levine, a former deputy mayor beneath Rudy Giuliani, stated one other concept raised by Cuomo to handle the federal tax invoice could possibly be a giant hit.
The Yankees honcho stated he steered to Cuomo and Meeting Speaker Carl Heastie the thought of making non-profit entities to assist fund state providers. New Yorkers who contribute to the non-profits would obtain a credit score on their state earnings tax and will additionally declare the funds as a charitable deduction beneath federal legislation.
“I used to be subsequently happy to see the Governor’s management when he cited this repair in his State Of The State speech,” Levine wrote. “Since then, this concept is being put into motion in California and New Jersey, however not but in New York. Now could be the time to do it for New York. “
He added that the “not-for-profit strategy has few pitfalls.”
Levine stated beneath the plan, the state wouldn’t lose income because the funds from the non-profits would change those who would have come from the working and capital budgets to pay for state providers.
“The one loser on this strategy can be the federal authorities and its means to gather the quantity of income it thought it might obtain by (severely proscribing the state and native tax deductions),” he wrote.
Demonstrators protest the GOP tax plan in Manhattan
Levine additionally scoffed at speak that the feds would attempt to disallow such a plan.
“I say ‘allow them to strive,’” he wrote. “Will conservatives who preach federalism and the need of states to manipulate themselves, now contradict themselves, but once more? In any occasion, a litigation over this concern will expose daylight on who actually advantages beneath the brand new legislation.”
“Governor Cuomo, now could be the time to maneuver this proposal ahead. New Yorkers are behind you. Let’s cross this legislation, set up the not-for-profit entities and the buildings to implement it,” Levine stated.
Levine, a supporter of President Trump, in November wrote a column on conservative web site Newsmax that criticized the President for supporting what Levine described as a hypocritical and defective tax plan.
In his new piece, he stated the ultimate tax invoice “didn’t accomplish what was equitable and honest” and harm states like New York, New Jersey and California that ship much more to Washington than they get again in providers.
“What passed off was a redistribution of wealth from residents of sure states to these of sure different states,” he stated. “Basically, a redistribution of wealth was orchestrated by lots of the similar so referred to as ‘conservative’ legislators who, for years, complained that President Obama was improper for redistributing wealth.”