Lawmakers should allow the state's surcharge on high incomes to expire because of its volatility as a revenue source and its impact on the state's competitiveness, E.J. McMahon, the Empire Center's research director, testified. Read More
Changes made last year to the Corporation Franchise Tax and Estate Tax codes will help make New York a more attractive and competitive place to live, work and do business. However, there remains much to do. Read More
Governor Cuomo’s 2014-15 Executive Budget would devote more resources to initiatives described as “tax cuts” than any state budget we’ve seen in quite a few years. This in itself is an encouraging sign of the recognition that New York needs to do more to shed its reputation as a high-cost, high-tax state. Read More
The Great Recession and its aftermath have brought obvious, ongoing strains to finances at every level of government. What we have been experiencing for the past five years is something new and unprecedented in the post-World War II era: a prolonged period of slow growth with pronounced disinflationary tendencies. Read More
This committee has chosen an opportune moment to review New York’s state tax code and consider reform options. Wall Street, the state’s cash cow for 20 years, is now retrenching. And in an era of slower economic growth, many businesses will be less willing to shoulder costs they can avoid by moving elsewhere. Needless to say, by various measures, most states can offer a lower-cost environment than New York. Read More
This testimony discusses one key proposal of the Governor’s Human Service Budget – managing the SSI State Supplement. As part of his SFY 2012-13 Executive Budget, Governor Andrew Cuomo has included a long overdue initiative for the state to take over the administration of New York’s Supplemental Security Income (SSI) state supplemental payment from the federal Social Security Administration. Read More
As part of his 2012-13 budget legislation, Governor Cuomo has proposed the most significant and potentially far-reaching reform of New York public pensions in at least 36 years. While the governor’s plan is far from being an ideal solution to the problem of exploding pension costs and long-term liabilities, it includes some significant steps in the right direction, which are worthy of serious consideration and support. Read More
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