December 9, 2011
Around Town – By Neal Tepel
The Governor and the legislature have announced an agreement that will restructure the New York State tax code. This deal is projected to produce $2 billion in annual revenues which is a significant step in the right direction. The Assembly Majority and Senate Minority has consistently advocated for tax fairness and adequate revenues. Now the Governor and the Senate Majority appear to be addressing the need for additional taxes.
However, $2 billion does not fully address the $5 billion hole created by the elimination of the existing millionaire's tax.
An essential measure of the effectiveness of this plan will be whether it allows the state to restore the damaging cuts that were made to schools and social services across the state.