We are not undertaxed in New York. Albany is not entitled by mere fact of its existence to an ever-increasing share of our paychecks. I voted in favor of restructuring New York’s antiquated and overbearing tax code for one simple reason: New Yorkers in every class – lower, middle, and upper – have earned a tax break.
New York is special because we are the highest taxing state in the nation. It does not matter if you are in the 99 percent like me, or in the top 1 percent of wage earners -- every New York resident is over-taxed. Whether you are a Wall Street banker or a Main Street baker, Albany owes you an apology and a refund.
We cut taxes for a very simple reason: families and businesses, not government, are the producers in our economy, our neighborhoods. This tax cut is a first step toward putting Central New York families and employers on solid footing moving forward.
This restructuring is also the first step in rolling back the largest tax and spending increases in state history, enacted in 2009. Tax cut legislation has been at the core of my agenda since I arrived in Albany. While this bill is not perfect, its passage by a tax-and-spend majority is clear evidence that my low-tax message is taking root.
There are some things this bill does not address. It fails to address Albany’s unfettered, incomprehensible spending addiction. When it comes to spending cuts, Albany is very close to declaring intellectual bankruptcy. Unrestrained spending is the root cause of our state's fiscal troubles, and uncontrolled spending is what drives taxes. I will continue to fight for my bill that will cap state spending at 0 percent annual growth, and for my bill that suffocates Albany spending by ending unfunded state mandates.
In addition, this bill is a classic Albany bait-and-switch, avoiding the sunset of the millionaire’s tax surcharge for families earning more than $2 million. I will introduce tax cut and spending reduction legislation in January to address this issue.
In an imperfect world, and an even less perfect State Capitol, this bill is the first step in a new direction toward tax cuts for central New York and the state. But it is only a beginning, and while I voted in favor of these tax cuts, I'll keep working for more.