tax cuts

Karen Dewitt / WRVO

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.

Office of Gov. Andrew Cuomo

Reactions are pouring in after Gov. Andrew Cuomo announced his 2014 budget plan, ranging from praise to criticism.

Business groups are among the happiest so far with the governor's budget. The Business Council of New York swtate, reacting to Cuomo’s calls for a corporate tax cut, a faster phase out of an energy tax and a reduction in the estate tax and property taxes, say they applaud the governor’s continued commitment to improve the state’s business climate.

Office of Gov. Andrew Cuomo

Gov. Andrew Cuomo releases his state budget proposal Tuesday afternoon, and many will be watching to see what it contains and how the numbers will work.

Ellen Abbott / WRVO

Central New York business leaders are very supportive about the latest tax reform plan coming out of Albany, and are lobbying for implementation of Gov. Andrew Cuomo’s $2 billion tax relief proposal.

For CenterState CEO President Rob Simpson, January is usually a time he and other business leaders start playing defense; fending off budget proposals from Albany that include higher taxes and fees, and more government spending. But with the governor’s tax proposal on the table, it’s time to play offense.

A number of new state laws take effect in New York Jan. 1.  They include a few tax cuts and tax breaks, and even a new regulation that could impact the health of baby boomers.

Hitting the books in the new year are the first of three new tax cuts for small businesses and an additional nearly 10 percent tax cut for manufacturers.  Middle-income families are also getting tax relief in 2014. That affects people who make between $40,000 and $300,000 a year and who have at least one dependent child.

Zack Seward / WXXI

The new legislative session is just a few weeks away. Gov. Andrew Cuomo says he’ll still make anti-corruption measures a high priority as he did in 2013, but he’ll likely deal with economic issues, like proposed tax cuts, first.  

Cuomo tried unsuccessfully to get the legislature to enact reforms to the state’s dysfunctional campaign finance system. When they adjourned for the year back in June without acting he created an anti-corruption commission, using his powers under the state’s Moreland Act, and asked them to report recommendations before the end of the year.

Ryan Delaney / WRVO

Gov. Andrew Cuomo’s budget director outlined more details of the governor’s tax commission's proposal to cut property and business taxes in the state.

Cuomo is under pressure from Republicans to cut income taxes, and from New York City Mayor-elect Bill de Blasio to raise income taxes on the rich. But he says the state, which already has a temporary income tax surcharge on the wealthy, needs to address its highest in the nation property taxes right now instead of personal income taxes, also known as the PIT.

Divisions are forming in the upcoming debate over tax cuts that’s likely to dominate the new legislative session.  

Business groups are largely supportive of the findings of a tax commission appointed by Gov. Andrew Cuomo. The commission recommends cuts to the corporate tax, faster phase out of an energy tax and easing of the estate tax. They also propose a reduction in property taxes by encouraging local governments and schools to cut spending and consolidate.

Ryan Delaney / WRVO

Gov. Andrew Cuomo’s tax commission is recommending a $2 billion package that includes a temporary freeze on property taxes, and a cut in corporate taxes to a 40 year low.  

401(K) 2012 / Flickr

Now that the elections are over, state budget deadlines are rapidly approaching. Comptroller Thomas DiNapoli has released a largely positive budget outlook for the new year, though he warns of some uncertainties.

Under reforms adopted a few years ago, state officials including the  comptroller, are required to start the budget process, which ends in late March, even earlier.

DiNapoli is out with his report, and he says the state budget is largely in balance.

Zack Seward / WXXI

Gov. Andrew Cuomo says he thinks the state can afford a tax cut next year, despite a projected $1 billion budget gap.

Cuomo says he’s been holding down spending during his first three years in office, with an average growth rate of two percent each year, compared to an annual 10 percent increase before he was governor. He says he expects enough money can be freed up to finance some kind of tax reductions during 2014.

“I believe we’re going to have revenue at the end of this year that we can be talking about a tax cut next year,” Cuomo said. “That’s very exciting.”

Gov. Andrew Cuomo is appointing a new tax cutting commission that he has charged with finding ways of slicing state revenues by $2 to $3 billion next year.

Cuomo turned to the man who beat his father in the 1994 governor’s race, George Pataki, to co-chair the commission. Pataki, a Republican, defeated Mario Cuomo on a platform that included tax cuts.

Pataki, who says the state spends too much and costs too much, says he’s happy to serve on the commission, but at first thought a mistake had been made.