Nov. 30 (Bloomberg) -- Governor Andrew Cuomo is considering restructuring New York's tax code as he prepares a budget that must close a deficit as large as $3.5 billion after a temporary surcharge on those earning at least $200,000 expires Dec. 31.
Cuomo has said he opposes the state's so-called millionaire's tax. With the levy set to expire at year's end, he's now discussing a broader rethinking.
"What I'm looking at is what do you do with the tax code and how you use the tax code to stimulate jobs," the 53-year- old first-term Democrat said on WGDJ in Albany today.
ALBANY — Gov. Andrew M. Cuomo first notified the public that he wanted to revise New York’s income tax Sunday afternoon, with e-mail sent to the state’s newspapers, offering them an essay in which he mentioned “comprehensive reform of our tax code.”
Just two days later, the governor announced that he and legislative leaders had agreed on an overhaul of the income tax; that day, he summoned lawmakers back to Albany, and the next day, Wednesday, he invited them to a party before they had seen the measure or voted on it.
In another whirlwind session in Albany, Gov. Andrew Cuomo pushed through a new tax plan that will generate $1.5 billion in much needed additional revenue for the state. I supported the plan because that revenue will make it easier to balance the budget without devastating cuts to education, health care and social services, and because it creates a more progressive tax structure than we would have if we did nothing. But there is also plenty to be critical of, both in terms of the minimal progressive reform to our tax structure and the record-breaking 26 minutes the Legislature and public had to review the contents of the package.
Sen. Krueger issued the following statement in reaction to a Daily News editorial that endorsed a tax credit scam that would siphon millions in taxpayer money to reimburse wealthy donors to well-funded private and charter schools:
"With respect to the Daily News editorial board, it looks like they've been hoodwinked by a tax-avoidance scam for wealthy donors to elite private schools. In fairness, they're hardly the first to be bamboozled.
"This private interest school tax-credit scam would literally refund donors more than they give to 'yet to be formed' educational charitable organizations -- basically paying the wealthy and corporations money back on their tax avoidance investments.