The 2017 tax reform, which lowered rates and increased the standard deduction, has meant lower taxes for most Americans. Yet because the reform also capped the state and local tax deduction at $10,000, a subset of high-earning residents of high-tax states—New York most prominently—will likely pay more in taxes (this group has been referred to as HENRYs: High Earning, Not Rich Yet). Will this tax reform accelerate the trend of high earners’ leaving New York for lower tax jurisdictions? Will New York seek to reform its fiscal policy in response? If so, how?
For more than 30 years, MI fellow E.J. McMahon has been a prolific researcher and editorialist—routing out and exposing the misguided policies, waste, and mismanagement that contribute to New York’s high cost of living and holding elected officials accountable. McMahon writes with insight, wit, and gusto about the city and state’s fiscal challenges. His subjects range from New York’s unsustainable public pension and retiree health care costs to the out-migration of residents to other states, and the need to cut and, in many cases, dramatically restructure deficit-ridden city and state budgets. This February, E.J. will help us understand how the new tax policy will affect New Yorkers, discuss potential reforms, and give us his view of how Albany will ultimately handle these issues.
I know you will agree that E.J. is among the very best thinkers when it comes to restoring fiscal sanity and improving the quality of life for all New Yorkers. Please join us to meet and hear from him on Wednesday, February 6, 2019. See you there!