Thursday, March 10, 2011

(Real) Millionaire's Tax Opposed by Farley

Local state Senator Hugh Farley, R-Niskayuna, said on Thursday that he would oppose the proposed restructured millionaire's surcharge tax if Gov. Andrew Cuomo opposed the measure. He added that a millionaire's tax would be unlikely to pass the Senate.
This announcement form Farley comes as a response to the revelation that Republican Sen. John Bonacic would support a millionaire's surcharge if it applied only to millionaires and not people making as little as $200,000 a year, as the surcharge currently exists.
"I'm trying to back the governor on this," said Farley, in regards to Cuomo's pledge not to raise taxes or fees. Farley added that he shared the governor's interpretation of extending the surcharge in either form, which is that it would be a new tax. He went on to say that Democrats and Republicans alike in his district support the governor's cuts and oppose new taxes.
When pressed on how his constituents would feel about extending the surcharge on millionaires to prevent proposed cuts in education, Farley acknowledged that he had "no idea" what they might think. He noted that people in his district are concerned about jobs and taxes.
Farley said he understood what motivated Bonacic, such as a desire to fund needy schools in his district, but didn't seem to think his own district deserved the same considerations, even though he acknowledged that upstate school districts got "zonked" by the governor's budget.
"We have a $10 billion hole," said Farley, who noted that Bonacic's proposal would only cover about 10 percent of that shortfall.

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