Ra: Tax Reform Package & MTA Rollback Necessary For LI Growth
Today’s extraordinary session was an opportunity for Albany to demonstrate its leadership by delivering tax relief for middle-class families and revamping the unfair Metropolitan Transportation Authority (MTA) payroll tax. With Washington in partisan gridlock, state legislators were able to come together and agree on a fair tax plan that puts more money back into the pockets of the middle class. We are taking the right steps to repeal some of the most burdensome taxes and fees imposed in recent years while at the same time promoting economic development and funding new infrastructure projects. I was proud to vote yes for the good of our community today.
The rollback of the MTA payroll tax is especially important. In recent months, I have partnered with Senator Jack Martins to call for the end of this job-killing tax. The payroll tax will be eliminated or reduced for 294,900 taxpayers overall. The tax would also be eliminated from an additional 415,000 taxpayers by raising the self-employment income exemption. Local businesses can rest easy knowing that they now will be able to put more money toward investment, expansion and hiring. This legislation also eliminates the payroll tax on our local small businesses, public, parochial and private schools. The rollback is a tremendous win for our community.
However, if lawmakers want to have a serious discussion about how to lower taxes in the long term, we need to address state spending and unfunded mandates. Last year’s on-time state budget and property tax cap were great successes for Albany, but we need to continue to build upon those successes and have a meaningful discussion to address spending and unfunded mandates.
A spending cap, along with mandate relief, can help the private sector create jobs and lower property taxes for millions of hardworking New Yorkers.
For more information, visit Assemblyman Ra’s website.