Assemblyman Dov Hikind (D-Brooklyn), who returned early Thursday morning from Albany after an ExtraordinarySession which lasted until well after midnight, has announced that the passage of the tax code changes translate into real savings for our community.
Personalincome tax rates for married taxpayers earning between $40,000 and $150,000will decrease from 6.85% to 6.45%, while taxpayers with incomes between$150,000 and $300,000 will enjoy a tax rate deduction from 6.85% to 6.65% whichwill likely save middle-class families between $300 and $400 a year.
Smallbusinesses, public and private elementary and secondary schools, charterschools, and other educational institutions also benefited from the tax codechanges. Under the new agreement, small businesses with payrolls of less than$1.25 million are now completely exempt from paying the MTA payroll tax, as arepublic, private and parochial schools. Businesses with payrolls higher than$1.25 million also saw a reduction in their tax rates, while the Summer YouthEmployment Program (SYEP) which provides paid summer employment and educationalexperiences for teens, had its $25 million funding restored.
“Althoughit has been an extremely difficult year financially for the State, we weresuccessful in granting some fiscal relief for the middle-class,” said Hikind. “Admittedly,these cuts do not amount to much, but it’s a sign that the State is heading inthe right direction in easing the financial burden of so many. I am grateful thatwe were able to bring even modest savings to our community.”
Hikind noted that the MTApayroll tax cut affecting yeshivas comes in addition to the historicpassage of the Tuition Assistance Program (TAP) provision which provides TAP monies to income-eligible, post-secondaryrabbinical college students to offset the cost of their tuition. Previously,these students were prohibited from receiving TAP because their schools were not under the StateEducation Department’s (SED) direct supervision. The TAP provision will takeeffect beginning in 2012.
Recently, yeshivas and other privateand parochial schools were the direct beneficiaries of Senate Majority LeaderDean Skelos’ allocation of $5 million for the purchase of 55 brand new schoolbuses. “Progress has at times been slow, but it remains steady,” remarkedHikind. “These vital changes go a long way toward securing and ensuring ahealthy financial future for both New York State and our community.”
{Noam Amdurski-Matzav.com Newscenter}
This is all political spin. The MTA tax comes out to $3,400 for every million dollars of payroll. And a large part of yeshiva’s payroll is parsonage and other non taxable income reducing the effect even more. The TAP and school buses went to a few politically connected yeshivas. How much has yeshiva tuition gone down thanks to these “favors”? I thought so!
It’s time we supported people who care about the average person and not the special interests.
So again what’s the real savings?
***”And a large part of yeshivas payroll is parsonage and other non taxable income reducing the effect even more.”***
The dictionary definition of “parsonage” is ‘the residence of a parson who is not a rector or vicar, as provided by the parish’.
So, Klonimus, what is your explanation for using the word in the context of MTA payroll levies?
#1 your ignorance is breathtaking. The tap money hasn’t even been funded yet and your already complaining. The busses (58) went to dozens of Schools via a lottery. Your selfish hatred is obvious. Get a life and a job.
The tax code is not supposed to favor one religious or ethnic community over another. If it did, it would be unfair.
I don’t think that it does, however. This is just spin.