Cuomo projects budget surplus, looks at tax cuts
New York’s budget could have a surplus within a few years, according to Gov. Andrew Cuomo, which has prompted him to look at ways to cut taxes.
Cuomo credits on time budgets, controlled taxes and a rebounding economy for the positive budget news. That’s why the governor formed a commission this week to look at ways to cut taxes by $2-3 billion.
“I think we can do even more,” he said in Syracuse Thursday.
Cuomo has his sights set on reducing property taxes, saying they’re “out of whack with the rest of the nation.”
“We have to get that property tax down,” Cuomo said. “That’s what’s chasing people from this state. That’s what’s chasing businesses from this state.”
New York brings in more revenue from property taxes than income tax, Cuomo said.
Cuomo appointed former Republican Gov. George Pataki and former state comptroller Carl McCall to head the tax cutting commission. Cuomo says it’s a perfect show of political bipartisanship as Washington remains shutdown.