Thursday, January 20, 2011

Easy As 1,2, TAX CUT!

On Wednesday the NYS Senate, now back under control of the Republicans, successfully passed the JOB CREATION & TAXPAYER PROTECTION ACT of 2011. This three prong approach to reviving the state's economy and alleviating the burden on taxpayers hit all of the GOP's talking points.
The first part was Sen. Jim Alesi's extensive list of tax cuts (SB 1891), which included a credit that will equal the amount of withholding generated from each new employee that is hired by a business, eliminated the personal income tax surcharge one year early for small businesses and offered a manufacturing tax cut.
The effect of the bill will be at least a shortfall of $400 million, according to the bill's memo.
The second part was from Sen. Mike Ranzenhofer (SB 1892), which would amend the constitution so that it would include a spending cap.
The final bill (SB 1919) was from freshman Sen. Zeldin, who doesn't get a first name until I can remember it, which would make it necessary for a 2/3 majority for any future tax increases.
Local Sen. Roy McDonald, R-Saratoga, voted in favor of all the provisions, but acknowledged that they might not all work. “It’s time to push for new measures, some may work and others may not, but it’s necessary that we start this extremely important dialogue," said McDonald.
The conversation must now continue in the Assembly where none of these bills have a chance of passing. Oh divided gov't, you are a fickle b@*$#.

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