Tag: Taxes and Spending

Cuomo Proposes $2 Billion in Tax Cuts

Edmund J. McMahon, the president of the Empire Center for Public Policy, a conservative research group, said he remained unconvinced that the promised property tax measures would have any substantial economic impact. “These are tiny marginal temporary savings,” Mr. McMahon said. “They won’t do anything to speak of for the economy. They are meant to increase the ability of the governor and Legislature to say they reduced your property taxes.” Read More

Cuomo’s budget proposal targets businesses, property taxes

E.J. McMahon of the Empire Center, a think tank, said the incentives were too small to greatly benefit homeowners or prod government consolidation. He estimated the maximum tax credit a Suffolk County homeowner could receive would be around $125; for Nassau County, closer to $200. Most upstate residents would get less than $100. "It's not fiscally significant," McMahon said. "I don't know how this is going to create positive impact on the economy." Read More

Cuomo aims for gradual savings in property tax

While several business groups praised the tax-cutting effort, some conservative and liberal groups issued warnings about the package’s value. “How do you call this meaningful?” E.J. McMahon, president of the Empire Center for New York State Policy, said of the property tax savings, which he said would be worth only about $60 for average homeowners in Erie and Niagara counties. “Are they honestly saying that giving folks in Western New York $60 a year is going to boost the upstate economy? Really?” he added. Read More