Archive: Opinions

Editor, The Lansing Star:

A Legislature report that I received this morning brought to mind the discussion in New York State over whether or not to let the "millionaire's tax" expire at the end of the year. The "millionaire's tax" is the temporary income tax surcharge passed in 2009 that increased the tax rate on those earning between $300,000 and $500,000 from 6.85 to 7.85 percent, and those earning over $500,000 to 8.97 percent. Even at the increased level, overall, the wealthiest households pay a much smaller share of their income in state and local taxes than do all other New Yorkers.

According to this morning's report, "... this tidbit was in the news today: Forbes Magazine just released its annual report on the world's billionaires. More than 1/4 of all billionaires in the U.S. live in New York State. 58 billionaires, to be exact." Again quoting from the report, "This wasn't in the news, but maybe it should have been: According to New York's income tax brackets, these 58 pay the same top tax rate as someone earning $20,000."

If we take a look back to the 1970's the top personal income tax rate was 15.375%. There was an inherent recognition that those who could afford to pay more, should do so.

Governor Cuomo's proposed budget includes deep cuts to state and county programs and disproportionately targets our most vulnerable populations such as youth, children with developmental disabilities, the elderly, the poor, and people with disabilities. The cuts will have widespread effects on the residents of Tompkins County.

If the Governor and the State Senate were to agree to extend the "millionaire's tax", which otherwise expires at the end of this year, until New York could take steps over the next 4-6 years to get its budget under control and make the cuts that are necessary without devastating programs that benefit our children, our elders, and all of us who pay property taxes it would allow us to make those cuts gradually. School districts, towns and counties could plan rationally for absorbing the cuts. A study could be done to determine a reasonable method of tax reform and the entire process would benefit all New Yorkers. Our NY State economy could once more be competitive without hurting our most vulnerable populations.

The Governor needs to rethink his insistence on the imposition of draconian cuts through the popular, but not-well-thought-out "tax cap". His intentions are good and he would find many elected officials at all levels willing to work with him to accomplish the goals of tax reform, job creation, and renewed economic development in New York State if he would take a step back before charging ahead. We all want to see lower taxes, but do we want to intentionally hurt our most vulnerable residents while working toward consensus on needed reforms?

Pat Pryor
Tompkins County Legislator
Town of Lansing, District 6

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