The returns confirmed that Cuomo paid $51,925 in state and federal taxes on an adjusted gross earnings of $211,289 in 2018, a federal tax price of or 18.5 %.
The yr earlier than — 2017– he paid $54,659 in taxes on an earnings of $212,776, or 19.6 %.
The distinction was $2,734 further in Cuomo’s checking account.
“He’s typical of loads of prosperous suburbanites who could stunned to search out they’re really not getting gauged below the tax regulation,” stated E.J. McMahon of the Empire Middle for Public Coverage.
“Nothing has modified about his earnings besides the Various Minimal Tax, which permits no SALT deduction. It’s one of many causes he’s saving earnings. Some individuals have assumed that’s as a result of he doesn’t pay the property tax, however that’s not why.”
The governor pays no property taxes as a result of he splits his time between the Governor’s Mansion in Albany, and the house of girlfriend Sandra Lee.
Cuomo aides say he splits family bills with Lee.
“It’s as a result of he was topic to the Various Minimal Tax earlier than and nonetheless wouldn’t have had the SALT deduction. In impact, what was completed was his bracket charges have modified—they’ve gone down. The speed utilized to his earnings is decrease and other people along with his degree of earnings simply aren’t hit by the AMT anymore. Subsequently, it’s not shocking primarily based on that,” stated McMahon.
The brand new federal tax code limits deductions for state and native taxes (SALT) to $10,000. Nevertheless it additionally boosted the usual deduction and eradicated the dreaded various minimal tax for a lot of taxpayers.
Cuomo has railed towards the elimination of SALT, warning it will ship rich taxpayers fleeing and wreck the financial system of New York and different Democratic states.
“This tax change is pure political, pure political. And pure hypocrisy by the President,” Cuomo stated final week.