Ilya Marritz covers business for WNYC.
New York Faces Billions in Tax Hikes if Fiscal Cliff Not Averted
Wednesday, December 05, 2012 - 11:00 PM
New Yorkers will face a 43 billion dollar tax hike next year if Washington does nothing to avert the so-called fiscal cliff.
That's according to State Comptroller Tom DiNapoli who calls the planned tax hikes and spending cuts a "one-two-economic punch".
DiNapoli says the rise in payroll taxes alone would take $7.6 billion out of New Yorkers' pockets.
The average two-child family would lose about a thousand dollars as a result of reductions in the child tax credit.
The number of filers paying the Alternative Minimum Tax or "AMT" aimed at high earners would increase from 500,00 to nearly three an a half million.
The fiscal cliff would also reduce federal aid to the state by about $600 million.