Is this a Tax Cut for the Sake of Using the Words 'Tax Cut' and - New York News

Is this a Tax Cut for the Sake of Using the Words 'Tax Cut' and Who Really Benefits?

Posted: Updated:

You'll probably need to call a family meeting to decide how to divvy-up the windfall income tax rollback you are about to get from the state.

After all Junior will want a piece; Janey will want to stash some away for college and then Mom and Dad deserve something, too.

Forget it.

With an average of 25 bucks per year, just flip a coin to see who gets it.

The governor and GOP leaders have settled on moving up the starting date for a lower income tax rate. That rate will be sliced a whopping one-tenth of a percent in year one or about 7 cents a day.

The Senate GOP leader takes umbrage, suggesting that something is better than nothing. "25 bucks a year. The next year 50. The next year 75 and then 100," explains Monroe Republican Randy Richardville. "You know the good thing is, it's not $25 more. It's 25 less."

But the figure is a tad misleading. For those of you dragging down a hefty salary your savings will be well above that mark if a lobbyist for the truly needy, Karen Holcomb-Merrill, has her math right.

"If you are making about a million dollars...you would get $444 back."

Hum. $25 vs. $444.

Ms. Holcomb-Merrill sees all this as just election year "maneuvering" by the GOP to offset the tax hikes they imposed on the public last year. They disagree saying it's just time to share the wealth with everyone.

But if you do the math, this meager tax rate reduction will not come anywhere near replacing what you are still paying the state through lost tax credits and the like. However they are hoping you don't do the math and just focus on the term "tax-cut" which does have some appeal until you discover it ain't (sic) much.

The governor, who has signed off on all this, notes, "I'm a taxpayer, too and if I can get a little more relief, I'd be happier about it." Reminded by some snotty nose reporter that because he is well-off, his break will be bigger, the governor responds, "In terms of moving up the tax cut opportunity, this proposal is a good idea that we can do."

Notice he didn't answer the question about how he gets more and you get less. Maybe another time.

  • Local NewsLocal NewsMore>>

  • Is your home's energy meter spying on you?

    Is your home's energy meter spying on you?

    Wednesday, April 16 2014 6:38 PM EDT2014-04-16 22:38:32 GMT
    Utility companies across the U.S. are installing smart meters in customers’ homes, touting the technology’s energy-saving ways, but opponents argue that the meters are opening a Pandora’s box of privacy concerns.
    Utility companies across the U.S. are installing smart meters in customers’ homes, touting the technology’s energy-saving ways, but opponents argue that the meters are opening a Pandora’s box of privacy concerns.
  • German Shepherd called to jury duty

    German Shepherd called to jury duty

    Wednesday, April 16 2014 6:16 PM EDT2014-04-16 22:16:16 GMT
    At least one prospective juror in New Jersey could take a bite out of crime. Cumberland County has summoned IV Griner to jury duty. The only problem is IV is a 5-year-old German Shepherd.
    At least one prospective juror in New Jersey could take a bite out of crime. Cumberland County has summoned IV Griner to jury duty. The only problem is IV is a 5-year-old German Shepherd.
  • New SAT: What will those questions look like?

    New SAT: What will those questions look like?

    Wednesday, April 16 2014 5:05 PM EDT2014-04-16 21:05:28 GMT
    Calculate the foreign exchange rate a vacationing American would pay in India. Estimate from a random sample the number of 18- to 34-year olds who voted for a candidate. These are sample questions from the newly redesigned SAT, which aims for more real-world applications and analysis from students.
    Calculate the foreign exchange rate a vacationing American would pay in India. Estimate from a random sample the number of 18- to 34-year olds who voted for a candidate. These are sample questions from the newly redesigned SAT, which aims for more real-world applications and analysis from students.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices