Governor’s Budget Plan Cuts Taxes for the Wealthiest 1 Percent
Working families bear the burden of his disastrous budget
Assemblywoman Barbara Lifton (D-Tompkins/Cortland) said that an analysis by the Assembly Ways and Means Committee revealed that under the governor’s proposed budget, a family making $75,000 a year would pay 1.6 percent more of its income in increased expenses this fiscal year, while a family making $500,000 a year would actually pay 0.6 percent less.
"It is unconscionable for the governor to insist on tax cuts for the wealthy, while raising out-of-pocket expenses for New York’s working families," Lifton said. "All he is creating are roadblocks to financial stability."
Under the governor’s budget, a family making $75,000 a year would pay roughly:
The total increase of $1,167 would be 1.6 percent more of the family’s income.
Further, a family with an income of $30,000 would bear an even greater burden – paying $2,341 or 7.8 percent of its income more in new expenses – under the governor’s proposal, including:
Meanwhile, the governor’s budget would provide tax relief to New York’s wealthiest 1 percent – a family making $500,000 a year would receive a $4,250 income tax break.
The Assembly’s budget would provide for working families by:
"I’ll continue to fight for a state budget that is fiscally responsible, fair and on-time," Lifton said. "As conference committees proceed this week, I call on the Senate to join the Assembly in righting the governor’s wrong choices for New York’s working families."