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Expecting a $6.4 billion budget deficit next year, Governor Paterson has made it clear that when it comes to budget cuts, everything is on the table.
But the Governor is headed in the wrong direction. New York State should respond to the economic downturn by investing in New York's future. Restoring the tax surcharge on the wealthiest New Yorkers, who benefited from the boom, and investing in education, health care, and real property tax relief, will help New York families and stimulate the economy.
Budget cuts and political gimmicks like the tax cap will just drive us deeper into crisis. Instead, we need real solutions to our economic problems. To help with skyrocketing property taxes, we need real relief, such as a "circuit breaker" system, where property taxes are limited based on a family's ability to pay, and the state makes up the difference to schools. With a "circuit breaker" system, New Yorkers will see their taxes lowered immediately (a tax cap will not lower your taxes, it just limits the amount that your taxes can be increased) and our kids' education won't be affected. To help with deepening budget deficits, we must repeal the tax cuts that New York's millionaires have been enjoying for decades. It's time for the wealthiest New Yorkers to pay their fair share of taxes in this state.
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