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It’s no secret the Governor’s budget calls for big tax hikes. It seeks to reauthorize the millionaire’s tax (which also hits small business owners filing taxes as individuals).
It also makes going to the DMV even worse, with expanded fees on vehicle titles that lead the list of nickel-and-diming money grabs.
The Assembly piles on. They want income tax hikes on people making north of $300,000 – hammering more small businesses, and folks trying to build a future here.
The last hope for avoiding an even more unaffordable New York this year is the Senate Republican budget proposal. There are a few bright spots for taxpayers in it.
First, the majority proposed making New York’s property tax cap permanent. The cap was created on a temporary basis in 2011, and renewed in 2015 as part of the deal that kept rent control in place in the city. All told, the cap has saved homeowners and businesses more than $10 billion on their property taxes since 2012, but it’s set to expire in 2020.
If the cap goes away, taxpayers would face the return of massive annual property tax hikes that have largely been prevented by the cap. Mandate reform is needed too, but the cap is vital.
The GOP proposal also calls for lowering the corporate tax rates on farms and small businesses, delivering more than $400 million in relief once the cuts are phased in.
MTA taxes on small businesses would also be cut under the plan, exempting the first $250,000 earned by sole proprietors from the tax that was created in 2009 to bail out the MTA.
The Republican Senators also shot down Governor Cuomo’s proposals to hike DMV fees and to expand the state’s internet sales taxes unconstitutionally.
Reclaim New York thinks it’s time to make New York a more affordable place to live by capping and reducing taxes and fees. Join today and help protect your wallet from Albany’s spending addiction.