cuomo's tax commission presentation

7/27/2019 Cuomo's Tax Commission Presentation

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2/21

Restoring Fiscal Integrity

Making the budgetprocess a financialexercise rather than apoli tical exercise.

Ended automatic

inflators: Education: 10%

Medicaid: 10%


3/21

Added brackets to make code more fair:

Before: Whether a person made $40,000 or $40 mpaid the same rate.

Now: We added additional income brackets that hthe code more fair:

Fiscal Integrity

New Tax Brackets

$40,000 to $150,000

$150,000 to $300,000

$300,000 to $2 million

Over $2 million


4/21

Tier VI saves $80 bill ion

Downsized state labor forcefrom 137,000 to 120,000; Threezero raise contracts saved $450million

2% Property Tax Cap

2% Spending Cap

Fiscal Integrity


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Three consecutive on-time budgets since coming into off ic FY 2012: Eliminated a $10.0 B gap (10.5% of State Operating Funds budget) FY 2013: Eliminated a $3.5 B gap (3.9% of SOF budget) FY 2014: Eliminated a $1.35 B gap (1.5% of SOF budget)

Adherence to the 2 percent spending cap will put the State in a surplu

-$10.0

-$3.5-$1.4

$0.1$1.5

$2.9

2012 2013 2014 2015 2016 2017

Dollars in

Billions

Budget Progress


6/21

Fiscal progress allows tax rel


7/21

Personal Income Tax cut;lowest middle class ratesin 62 years

Youth and Veterans HiringTax Credits

START-UP NY

Tax Relief: Thus Far


8/21

Tax Relief:Next Phase


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Focus on property taxes: Largest tax in NYS:

$51 bil lion

Compared to $40

bil lion PersonalIncome Tax

Tax Relief: Next Phase


10/21

Property Tax: #1 Business Tax Businesses pay $17 billion in

property taxes

Businesses pay $7 bil lion in

corporate taxes

Tax Relief: Next Phase


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#2 Nassau$9,289 in 2010,Estimated at

$9,797 in 2012

#4 Rockland$8,861 in 2010,Estimated at$9,472 in 2012

Nationally, three ofthe four highest

taxed counties interms of effectiveproperty taxes paidwere in New York.

Property Taxes are Still Too High, Hurt

Businesses and Homeowners#1 Westchester$9,945 in 2010,Estimated at$10,320 in 2012


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Nationally, 13 of the 15 highest taxedcounties in terms of property taxespaid as a percentage of home value,were in New York.

Property Taxes are Still Too High, Hurt

Businesses and Homeowners

1. Wayne2. Monroe3. Cattaraugus4. Livingston5. Oswego6. Niagara8. Chautauqua

10. Steuben11. Erie12. Schenectady13. Cayuga14. Onondaga15. Chemung


13/21

Taxes undulyburdensome tobusiness and middleclass / working

families.

Also Review:


14/21

Tax Reform: Next Phase

TaxSimplificationCommission

JamesParrott

Carl McCall

Dall W.

Forsythe

Thomas H.Mattox

Alan D.Schwartz

J. Pat Barrett

James W.Wetzler

Robert G.Wilmers

Deborah

Wright

Peter

Solomon


15/21

Tax Reform: Next Phase

Tax ReliefCommission

Carl Mc

JackJames W.Wetzler

DenisHughes

Bill Rudin

Carl MGov. GeorgePataki


16/21

Experienced Qualified Professionals Non-Po

GovernorGeorge Pataki

ComptrollerCarl McCall
http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=ZxoaZnmcWiZfxM&tbnid=ukPdrdkj30dgiM:&ved=0CAUQjRw&url=http://manhattaninfidel.com/2011/04/26/george-pataki-announces-exploratory-committee-to-determine-if-anybody-remembers-who-the-hell-he-is/&ei=50JLUqKXKcWx4AONwYHYDg&bvm=bv.53371865,d.ZG4&psig=AFQjCNHtxq63KQi6lI-mcwW69rWCnkFEKg&ust=1380750433275141http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=ZxoaZnmcWiZfxM&tbnid=ukPdrdkj30dgiM:&ved=0CAUQjRw&url=http://manhattaninfidel.com/2011/04/26/george-pataki-announces-exploratory-committee-to-determine-if-anybody-remembers-who-the-hell-he-is/&ei=50JLUqKXKcWx4AONwYHYDg&bvm=bv.53371865,d.ZG4&psig=AFQjCNHtxq63KQi6lI-mcwW69rWCnkFEKg&ust=1380750433275141


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Report due by December 6 for inclu

in 2014 State of the State.


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cuomo's tax commission presentation

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