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I didn't think they were waiving personal income taxes either, but it actually looks like they are: What is the Personal Income Tax exemption for employees? E
by dworin 13y ago
I didn't think they were waiving personal income taxes either, but it actually looks like they are:
What is the Personal Income Tax exemption for employees?
Employees of businesses in START-UP NY will pay no income taxes on their wages for the first five years. For the second five years, employees will pay no taxes on income up to $200,000 of wages for individuals, $250,000 for a head of household and $300,000 for taxpayers filing a joint return.
(http://startup-ny.com/faq/#b-11 http://startup-ny.com/faq/#b-11)
- gnicholas 13y agoGood catch, thanks! Of course, this still doesn't cover capital gains, dividends, or other income...
- crazygringo 13y agoStill, that only applies to NYS/NYC income taxes. You're still on the hook for federal income tax, which is most of your income tax. (Obviously, the state can't do anything about that!)
- jusben1369 13y agoRight and we're comparing this to other state/s with income tax. What's CA up to now? I'm sure they're the bullseye target.
- muzz 13y agoIf low income taxes tipped the scales enough to make it more profitable for businesses, why haven't we seen that already with states that have zero income tax?