Brooklyn- Senator Marty Golden is putting the final touches on a bill calling for substantial personal income and small business tax cuts. The Senator’s bill calls for a balanced multi-year tax cut funded in-part by the projected $2 billion state surplus.
“The state surplus is taxpayer money and it should be returned to the people who earned it,” said Senator Marty Golden. “With the cost of living rising due to steep increases in energy prices, taxpayers are feeling the effects at the gas pump, in our energy bills, and for many day-to-day goods and services.
Golden’s bill phases-in the following tax cuts: personal income; alternative minimum tax; increases the earned income tax credit; helps businesses such as banks, insurance, and corporation franchise.
Top personal income tax rate from 7.7% to 5.5%;
Alternative Minimum Tax from 2.5% to 2%;
Lowest personal income tax rate from 5.25% to 4%; and
Cut bank, insurance and corporation franchise taxes to 5.5%.
“My tax cut plan is focused on helping working families make ends meet by cutting some of the most onerous taxes we pay,” stated Golden. “It also cuts the alternative minimum tax which unfairly penalizes many families with dual incomes. The business tax cuts will provide a tremendous boost for many industries and reaffirms my commitment to making New York more business friendly to help retain and create good paying jobs while spurring community investment.” Senator Golden will have an Assembly sponsor in the near future.
In addition, Senator Golden is fighting for an education tax credit to assist parents with children in public, parochial and private schools. The bill empowers parents to direct funding towards tuition, tutoring, books and any educational expense. Senator Golden and Assemblyman Vito Lopez are hosting a massive education tax credit rally in Albany, on February 14, 2006.