Today the Senate passed S6974-A, a bill I co-sponsor which would decouple changes to the Federal tax code from the New York State Tax code. Without this bill, taxes would rise across our state by $1.5 billion and provide a windfall to State government. I was not about to stand by and let that happen. Think about it-All we have heard about from the Governor is how terrible and harmful changes to the federal tax law would be to our State. His proposed solution is to increase taxes by $1 billion and use one of several gimmicks to impose a new and even more convoluted tax system on hardworking New Yorkers. Now, we find out that those very same changes that the Governor has criticized would lead to an additional $1.5 billion in revenue to New York State. All together, the Governor’s solutions would raise your taxes by over $2.5 billion, and you would get absolutely nothing for it. Enough of the smoke and mirrors. Every penny of the $1.5 billion New York State Government would gain from changes to the federal tax code must go back to taxpayers, and this bill would do just that. No more new or higher taxes. Enough is enough.
