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The New Federal Tax Cut: What It Means for New Yorkers

Tuesday June 2001


Lawrence A. Kudlow CEO, Kudlow & Co. CNBC Economics Commentator
Edmund J. McMahon Senior Fellow, Manhattan Institute

Anyone who follows current events can tell you that the recent tax cut will return $1.35 trillion to the American people. Many people can even tell you how much they will personally save thanks to the tax bill. But virtually no one has talked about how the largest tax cut in twenty years will benefit New York’s economy. No one, that is, until now.

Today’s speakers will release new data documenting how much New York and Connecticut residents will save from the new tax bill. They will also explain why reductions in marginal tax rates are particularly beneficial to residents of high-income states like New York and Connecticut, and why reducing income tax rates will reduce the fiscal imbalance which results in New Yorkers sending $1.18 to the federal government for every $1 they receive back in federal spending.

But the news is not all good. Because of certain provisions of the bill, New York’s middle class won’t realize the full benefits of the tax cuts unless additional steps are taken. Steps such as eliminating the Alternative Minimum Tax and reducing the capital gains tax are necessary to ensure that New Yorkers continue to benefit from federal tax reduction. Please join us for an informative discussion.