Taxing and Spending in the Empire State: Overview of the 2006-07 Executive Budget
EXECUTIVE SUMMARY
New York State’s 2006-07 Executive Budget would kick off a new round of personal income, business and estate tax reductions worth more than $3 billion annually when fully implemented over the next three years. But the cuts are coupled with more than $1 billion in proposed tax and fee increases that would take effect sooner.
State spending, meanwhile, would increase next year at well over twice the rate of inflation. Much of the increase is due to the steadily rising costs of health care, state employee benefits and debt service, coupled with Governor Pataki’s call for another big increase in spending on targeted school property tax breaks for homeowners.
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