We are pleased that the Governor’s New York State Tax Relief Commission report incorporates key elements of a Senate Republican tax reform plan advanced by Senators DeFrancisco and Marcellino that focuses on cutting taxes to create new jobs, reforming our tax structure and giving hardworking taxpayers some much-needed relief.
It is encouraging that today’s report includes proposals to address issues related to achieving broad-based tax reductions for job creators, including reducing corporate tax rates, reducing taxes on manufacturers and accelerating the elimination of the 18-a energy surcharge, while also reducing the estate tax burden.
However, in order to bring about real job growth and give New Yorkers the tax relief they need to live and stay in New York, the plan must go further. We urge the Governor and members of the Legislature to enact a permanent state spending cap along with a dedicated fund for tax relief, completely eliminate corporate taxes on manufacturers statewide, and make permanent the inflation indexing to the income tax, the middle-class income tax rates and the property tax cap. These and other proposals were included in the Senate Republican Conference’s Tax Policy Review and Reform Initiative.
I am proud that Senate Republicans have consistently stood at the forefront of efforts to cut taxes for businesses, taxpayers and families, and have been the driving force behind creation of the STAR program, the property tax cap, the Family Tax Relief program and the reduction in the middle-class tax rates to their lowest levels in more than 60 years. As a Legislature, we must build on that progress.
As part of next year’s budget, it is critical that we deliver broad-based tax relief to as many New Yorkers as possible, remove the obstacles that discourage small businesses from creating new jobs, improve the state’s business climate and bring meaningful relief to hardworking, middle-class taxpayers. We recognize that simply shifting costs from one taxpayer to another would be a missed opportunity. It’s time to get to work on a comprehensive tax cutting and regulatory relief plan for New York.