NY’s Cuomo wants tax-code tweak to create jobs -media

NEW YORK | Thu Dec 1, 2011 1:15pm EST

NEW YORK Dec 1 (Reuters) – New York’s tax code should berevised so that it helps create jobs, Gov. Andrew Cuomo said,according to media reports this week.

If that happens, the state’s wealthiest residents may windup being taxed at a higher rate.

New York, like many states, has found it much harder tobalance its books because tax revenue has remained depresseddue to the recession and the halting recovery that followed.

Cuomo, who is consulting with his group of private economicexperts, is quoted in Thursday’s edition of the Daily News:

“If you use the tax code right, it’s a potent economicgenerator. if you use it incorrectly, you can stiflebusiness.”

The New York newspaper cited the Democratic governor’sinterview with Albany radio station TALK 1300 AM.

For more than a year, the Democratic-led Assembly has beenpushing Cuomo and the Republican-led state Senate to extend anincome-tax surcharge on millionaires that expires this year.

Cuomo has fought back, saying this risks driving people tomove to lower-tax states.

But in recent weeks, Cuomo has said that no decision shouldbe made before the facts have been assessed.

And on Wednesday, the Wall Street Journal said the governormight revise the state’s income tax by creating a new bracketfor the wealthy, which would be slightly below the current toprate of 8.97 percent, but slightly above the previous 6.85percent top rate.

Spokesmen for Cuomo had no immediate comment on the taxissue or on the possibility of amending the state’sconstitution to legalize more casinos — an issue thatresurfaced, according to Thursday’s Daily News article, afterit first arose this summer.

There is the possibility of asking the voters to legalizecasinos by approving an amendment to the state’s constitutionin 2013. That referendum could go before the voters only if itwas first approved by the current legislature and the one thatwill succeed it in the next election.

New York now limits casinos to a few Indian resorts.

Any new legalized gambling venues would have to compete notonly with New Jersey’s Atlantic City resorts, but withConnecticut’s Native American casinos and the more recentgambling halls opened in Pennsylvania.

NY’s Cuomo wants tax-code tweak to create jobs -media

Related Websites

    Be Sociable, Share!