Hmmm, spending cuts - what a novel idea to cut taxes. For once, I hope Spitzer is serious and means what he says.
Spitzer will name Nassau County Executive Tom Suozzi, his Democratic primary opponent from 2006, to head a bipartisan commission to study the long politically unpopular option of capping local school and government spending. Although advised by economists for decades as a critical way to reduce New Yorker’s nation leading tax burden, Albany politicians have avoided the mandate on local communities and instead provided billions of dollars in relief without requiring that it directly reduce tax bills.
Reading further into Spitzer’s plan, we get to the meat of the matter.
Spitzer and Bruno have promised no tax increases, but are expected to rely on raising fees and Spitzer may close what he considers tax loopholes in business taxes to raise revenue.
Among Spitzer’s ideas are:
–A legislative proposal to provide a tuition waiver for returning combat veterans from Iraq and Afghanistan at any State University of New York or City University of New York campus. “We owe them the chance to enjoy the freedoms and opportunities at home they have so honorably fought for overseas.”
–An endowment of at least $4 billion, which would generate $200 million a year, to fund SUNY and CUNY. That could come from a lease of perhaps 40 years with a private firm to operate the state lottery after making an upfront payment of tens of billions of dollars. The deal, however, would continue to provide about $2.1 billion in revenue for schools with annual growth while creating a $4 billion endowment for higher education. The state would continue to regulate all lottery games and any new games, Francis said.
–Further spending to provide health care for all New York children, with a greater focus on preventing costly conditions including asthma and obesity. This will include changing the traditional Medicaid funding formula away from high reimbursement for hospital care to encourage prevention and primary care.
–A program to help pay off student loan bills for physicians who agree to work in underserved urban and rural areas.
–$400 million to build lower-cost housing, particularly in high-cost areas in and around New York City. The administration funded 3,800 units last year.
–A $1 billion fund to help revitalize upstate downtowns and to help businesses, build roads, create “shovel-ready sites” to attract new employers.
Poor Eliot couldn’t even keep his speech consistent and sounding good. There is no way he is going to cut spending and taxes while proposing billions of dollars in new projects. Spitzer just doesn’t get it. User fees and taxes on businesses are just as harmful to the State’s economy as taxes on individuals and property.
Spitzer calls for jobs, ‘real’ property tax relief — Newsday.com
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