Gov. Andrew Cuomo’s plan to cut the estate tax is drawing praise from fiscally conservative groups and condemnation from advocates for the poor.
The governor's proposal would raise the threshold for New York’s estate tax from the current $1 million to $5.25 million, which is the current federal rate of taxation. EJ McMahon, with the fiscally conservative think tank The Empire Center calls the levy a death tax. He says it’s about time New York got in synch with the rest of the country, where many states have already eliminated the tax altogether.