Tax Relief

Millionaire Tax:

The bill - touted by Assembly Speaker Sheldon Silver and passed by his chamber, 118-24 - would raise $2.6 billion by adding two new tax brackets for New Yorkers making more than $1 million a year. It would raise the income-tax rate from 6.85 percent to 7.85 percent for New Yorkers who earn more than $1 million, and boost from 6.85 percent to 8.6 percent the tax rate for people earning more than $5 million.

Under Silver's plan, some of the additional revenues would have paid for a new property-tax relief program for poor and middle-income homeowners.

Gov. Paterson said he would not support a millionaire's tax unless the state's fiscal picture deteriorates further.

Senate Majority Leader Dean Skelos (R-LI) ruled out tax hikes altogether.

"We're not going to do any taxes," Skelos said. "This is about controlling government spending, not increasing taxes in New York state and making it less competitive, quite honestly, than it is right now."

I feel Skelos and the Senate leadership should consider both philosophies. The modified tax structure and fiscal restraint are the one-two punch this state needs to stimulate growth and diminish job loss. The stall tactics in the State Senate have caused more harm to New Yorkers than they can handle.

Another term of Republican control may push New Yorkers beyond the breaking point. This is just another reason to get to the polls this November and send Bill Larkin home.