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Growing Together NY: A Better Choice for a New NY – Statement of Support 2012
New York is at a crossroads. Many of our neediest residents are facing record unemployment, hunger, homelessness and home foreclosures. We have cut billions in vital programs and services over the past three years. At the same time, we have the greatest income disparity of any state in the nation. The richest New Yorkers are doing exceptionally well while the majority of New Yorkers continue to struggle.
Like most states, New York has seen a collapse in revenues from a national crisis spurred by the financial industries’ risky business practices. In the aftermath of the greatest recession of the last 70 years, families’ needs are still rising and the resources to meet them continue to fall. Will we respond in ways that grow the economy by creating jobs and investing in families and communities across the state? Or will we continue to choose a cuts-only approach that threatens New York’s future.
Governor Cuomo and the Legislature moved in the right direction last year when they made the Personal Income Tax more progressive and fair with a new Millionaires Tax and middle- class tax cuts. We need to continue this momentum in 2012 in the interest of tax fairness.
Many average families making $58,000 a year are paying a higher income tax rate than many multi-national corporations with profits in the billions. Whether it’s the huge corporations that are recognizing record profits while taking advantage of unfair corporate tax loopholes or big real estate investors not reporting capital gains to avoid paying the taxes they owe - We must put an end to these unfair business practices. We can no longer afford to give special deals to big business while struggling families and small businesses are left to pick up the slack. We are all paying for these “special tax deals” with cuts to education, health care, transit, hard earned pensions, human services and the other quality of life services we depend on and value.
New Yorkers want the Governor and Legislature to balance the state budget in a way that uses existing resources efficiently and raises additional revenues in ways that will not harm our already fragile economy and will create jobs. Our state must not respond with actions that will further hinder the growth of New York’s economy or hurt the children and families hit hardest by the recession.
The Governor and Legislature should follow two simple principles:
- Put Families First: With 800,000 New Yorkers unemployed, families facing record foreclosures, hunger and homelessness, we must ensure a strong social safety net. Don’t let our most vulnerable citizens bear the brunt of this recession. They didn’t cause this economic meltdown and they continue to suffer its consequences most acutely.
- Preserve and Create Jobs: We need to do everything possible to put struggling New Yorkers back to work.
To Balance the budget in a way that promotes jobs and a sound economic future, we support CLOSING CORPORATE TAX LOOPHOLES by:
- Increasing Corporate Alternative Minimum tax to a reasonable level (3.5%)
- Requiring full Corporate Tax Disclosure
- Eliminating Carried Interest Exemptions
- Enforcing our tax law to stop Real Estate Partnerships from avoiding paying taxes on profits
- Recapturing “Nowhere Income”
- Reevaluating the $5 billion in annual tax subsidies NYS gives out each year