As many New Yorkers struggle to make ends meet and state and city budget deficits skyrocket, our rookie governor has a new, astonishing trick for his recovery plan - tax cuts for the wealthy. Thats right, Gov. Cuomo, the Democrat, wants to join all those Republicans in Albany and slash an income tax surcharge for every New Yorker making more than $200,000 a year - a mere 5% of the population. Were not talking about a gross income of $200,000. This cut would be on taxable income above $200,000 - after the filer has taken advantage of every deduction and loophole IRS regulations allow. The Legislature approved the surcharge, or so-called millionaires tax, two years ago. It did so following the near economic collapse brought on by Wall Street greed. The temporary surcharge was meant to help the state weather the recession and is set to expire in December. Since the tax was enacted, big banks, corporations and their investors have recovered and are flush with record profits. Too many New Yorkers, on the other hand, still face unemployment, a persistent mortgage crisis, depressed property values, zooming health care costs and frozen wages. As a result, state government is staring at a $10 billion shortfall for the budget year that begins April 1. Closing that gap will mean major cuts to education, Medicaid and other services.
Posted on: Sat, 02 Aug 2014 20:09:37 +0000
Trending Topics
Recently Viewed Topics
© 2015