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As many New Yorkers struggle to make ends meet and state and city budget deficits skyrocket, our rookie governor has a new, astonishing trick for his recovery plan - tax cuts for the wealthy.
That's right, Gov. Cuomo, the Democrat, wants to join all those Republicans in Albany and slash an income tax surcharge for every New Yorker making more than $200,000 a year - a mere 5% of the population.
We're not talking about a gross income of $200,000. This cut would be on taxable income above $200,000 - after the filer has taken advantage of every deduction and loophole IRS regulations allow.
The Legislature approved the surcharge, or so-called millionaire's tax, two years ago. It did so following the near economic collapse brought on by Wall Street greed. The temporary surcharge was meant to help the state weather the recession and is set to expire in December.
Since the tax was enacted, big banks, corporations and their investors have recovered and are flush with record profits.
Too many New Yorkers, on the other hand, still face unemployment, a persistent mortgage crisis, depressed property values, zooming health care costs and frozen wages.
As a result, state government is staring at a $10 billion shortfall for the budget year that begins April 1. Closing that gap will mean major cuts to education, Medicaid and other services.
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