December 8, 2011

Kudos to NY on Millionaire's Tax

I'm a Republican - always have been and always will be. I adhere to virtually every facet of the Republican mantra, including lower taxes and less government intervention in our lives. That's why some of my friends, both Republican and Democrat, seem very surprised that I would support the millionaire's tax in New York.

The measure, which passed the state legislature, will raise about $2 billion dollars in revenue for the state while implementing a minicsule tax increase on couples earning over $2,000,000 (a bracket I'll never see).  Those in my range, between $40k and $300k, will see a tax decrease. More than four million New Yorkers will see their taxes go down.

I've often said New York doesn't have a revenue problem, it has a spending problem. While the increase on the wealthy would seem to contradict that premise, the state must take steps to alleviate the tax burden on homeowners and small business. This measure is a step in the right direction, buying Cuomo and the state legislature a little more time to address other, larger issues, such as pension costs and Medicaid.

That being said, we're still waiting for Cuomo to take a hard line on those issues, as well as mandate relief, Taylor Law, Triborough Amendment, Wicks Law and Scaffold Law. If you don't know what they are, take five minutes to educate yourself - you might gain a better understanding of why New York is among the most expensive states to do business and raise a family.

We've said it before, we like the direction Cuomo is going - anyone that can neutralize Silver the way Andrew has must be doing something right. However, like Denny Green of the Arizona Cardinals once said, we're not quite ready to "crown his ass" just yet. We are cautiously awaiting Andrew's next move, but skeptical of his willingness/ability to get the aforementioned abolished or even changed. Here's to holding out hope.

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