Young, Cuomo Report On Tax Reform, Reduction
New York State Sen. Catharine Young and Gov. Andrew Cuomo believe reducing taxes will boost the state’s economy.
Young, R-Olean, and Senate Republican colleagues recently issued a comprehensive report on state taxes, calling for reforms, simplification and reduction of personal income taxes, business taxes, estate taxes and local property taxes.
“With the real and substantial tax cuts and reforms we are proposing, taxpayers and small businesses will get the relief they need and deserve,” Young said. “We are proposing strong and meaningful changes that will significantly reduce the tax burden on New Yorkers at every level.”
The report advocates enacting a permanent 2 percent state spending cap with surplus revenues dedicated to cutting taxes.
New York is ranked as one of the least business-friendly states in the country due to high taxes, Young said, but reforms will keep the economy moving forward and will be the focus of 2014.
The report suggests permanent inflation adjustments for certain income brackets in order to prevent tax increases due to wage growth.
Additionally, reforming and reducing property taxes would provide relief for hardworking families. Reforming estate taxes would better protect family farms and small businesses as well.
It also suggests making all retirement income tax-free to encourage seniors to stay in New York.
“This plan outlines a clear set of goals that will make our state a more affordable place to live, work, do business and retire,” Young said. “I look forward to continuing to work on these initiatives to make our state thrive again.”
“Any time we can reduce the tax burden on both the citizens and most importantly, businesses, I think we’re heading in the right direction,” County Executive-elect Vince Horrigan said, adding that simplifying and reducing costs of businesses will attract new business and create jobs in Chautauqua County.
Horrigan is also a supporter of Cuomo’s StartUp NY, an initiative allowing businesses to operate tax-free for 10 years in cooperation with SUNY campuses and other community colleges.
“What we really want to see is tax savings spread across existing businesses and the residents and the hardworking citizens of Chautauqua County,” Horrigan said. “To get those savings spread across existing and areas outside-that’s what’s going to enable us to grow jobs and grow our citizens.”
“I applaud Sen. Young in her efforts to reduce the tax burden on the people of Chautauqua County,” Horrigan finished.
Young’s report is comparable to a comprehensive review presented to Cuomo by the New York State Tax Reform and Fairness Commission earlier in November.
The report proposed modernizing the current sales tax exemption structure along with modifying estate tax.
It also suggested reforming New York’s corporate and bank franchise taxes which it said are “badly outdated, unduly complex and vulnerable to aggressive tax avoidance techniques.”
“Modernizing our archaic taxes to make the system more fair and equitable will be an enormous boost to New York,” said Peter Solomon, co-chair of the commission. “We hope these options will further improve our business climate and help encourage job creation.”
“Since being elected governor, my administration has focused on reversing New York’s negative tax reputation, further improving our business climate and easing the burden on everyday taxpayers,” Cuomo said.