Friday, September 22, 2006

Spitzer plays class warfare:

Yesterday Spitzer finally decided to give New Yorkers a glimpse at what he would do to help New York if elected Governor. In his speech to the New York State Business Council, Spitzer spoke about his five-point plan.

His first plan was to “reduce taxes”. To achieve this, the first thing he would like to do is increase the amount New Yorkers receive in the Star Program, which lowers homeowner’s property taxes by a certain amount. The Star program is a good one and any move to expand it is not a bad idea. However Spitzer made the mistake of announcing that anyone making over $235,000 a year would not get the benefit.

This is when New Yorkers should start to get concerned. Attacking the highest earners in the state is a mistake. Those fortunate to earn that much are also the ones who have the luxury to leave. It has been no secrete that the wealthiest New Yorkers have been leaving because of New York’s discriminating tax system and singling them out further will only make matters worse. Further Spitzer’s plan fails to index for inflation, which means more and more people will lose the tax benefit as incomes rise. What's worse, people who need tax cuts the most are usually the ones that don't own a home. So if you rent, which most people in this city do, you're not going to get relief from the burden of New York taxes under Spitzer.

Finally the biggest problem with Spitzer’s “tax cut” plan is that he doesn’t cut taxes. New York has been tops on the list for years when it comes to States with the highest tax burdens. For Spitzer to think that he’s going to be able to turn New York around without having to cut corporate or personal income taxes he’s as lost then I originally thought

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