Gov. Cuomo unveiled his $2 billion tax cut plan yesterday as Mayor de Blasio reiterated his call for a tax on the wealthy at nearly the exact same time. Cuomo's plan would freeze upstate property tax increases for two years in municipalities that streamline and consolidate. Afterwards, an income-based property tax circuit breaker would be phased in. New York has some of the highest property taxes in the nation. In addition, New York City renters earning up to $100,000 would receive an income tax rebate. He would also reduce the corporate tax rate to 6.5 percent from 7.1 percent, give a 20 percent property-tax credit to manufacturers, and eliminate the corporate income tax for upstate manufacturers. This would all be paid for with a $2 billion surplus and some belt tightening. In a move that could set the mayor off balance, the governor will reportedly propose funding full-day pre-kindergarten statewide. But de Blasio said that he supports a tax hike on the wealthy regardless, saying the funds could be used elsewhere.
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