To everyone not reading this on an iPad in the CORE Club: you may have your taxes cut. Earlier today Governor Cuomo along with Republican Senate Majority Leader Dean Skelos and Democratic Assembly Speaker Sheldon Silver hammered out an agreement to that representing "the first major restructuring of the tax code in decades resulting in a tax cut for 4.4 million middle class New Yorkers taxpayers." In a release [pdf], Governor Cuomo says, "We are cutting taxes on middle class New Yorkers and small businesses…This would be lowest tax rate for middle class families in 58 years." Sounds like somebody's gonna need a cheer-up weekend in Bermuda.
The plan still has to be voted on by both houses (which may happen as early as tomorrow) but those making more than $2 million annually would pay a rate of 8.82%, down from the 8.97% they currently pay under the "Millionaire's Tax" that Cuomo was hellbent on letting expire. The Governor still gets to keep his word, and everyone making between $40,000 and $300,000 has their taxes cut. WNYC has a nifty chart showing which incomes would pay what.
All that additional revenue (are you listening, Congress?) adds up to $2 billion in revenue, so Cuomo will still have to find a way to come up with another $1.5 billion to plug the projected deficit. President Obama, who has a bit of a deficit of his own, gave a speech in Kansas today that blasted the GOP's "trickle down" theory of economics.
It fits well on a bumper sticker. Here’s the problem: It doesn’t work. It’s never worked…It results in an economy that invests too little in its people and its future. It doesn’t result in a prosperity that trickles down. It results in a prosperity that’s enjoyed by fewer and fewer of our citizens.
Man, he's gonna be AMAZING when he's stumping for Cuomo in 2016.