Assemblyman Tom McKevitt (R,C,I – East Meadow) today called for passage of five tax cuts to help families and businesses before this year’s legislative session comes to an end.
New York was recently named by the Public Policy Institute as the highest taxed state in the nation – 53 percent above the national average. In order to ease the burden New Yorkers feel, McKevitt and his Assembly minority colleagues have demanded that tax cuts are passed before session ends.
“Since taking office I have been fighting for enactment of tax cuts,” said McKevitt. “However, those on the other side of the aisle have chosen not to act. If they do not assist us in our efforts, New Yorkers will be left to face another year with the highest taxes in the nation.”
McKevitt’s plan to help families and businesses include the following measures:
- A Co-STAR program, which will provide $285 million in county property tax rebates to senior citizens and farmers
- STAR Excelsior, which will provide $1.75 billion in additional tax relief by immediately indexing the Basic and Enhanced STAR exemptions to the current median housing values in the state
- A $400 million Personal Income Tax reduction, by increasing the top income bracket from $40,000 to $60,000 and lowering the tax rate to 6.75 percent
- Eliminating the Corporate Franchise Tax on manufacturers, saving manufacturers more than $500 million annually
- A Corporate Franchise Tax credit equal to 15 percent of the cost of health insurance premiums paid by small businesses for their employees, saving small businesses $1.6 billion and providing quality healthcare for thousands of New Yorkers.
These tax cuts and credits aim to not only save homeowners on taxes, but to create a more business-friendly atmosphere in New York.
“It is imperative that we lower taxes in New York,” stated McKevitt. “People are moving out of the state and taking their business with them because of high taxes. In order to prevent people from leaving, and attract more residents and businesses, we need to lower taxes immediately.”