February 15, 2006. Testimony of Frank J. Mauro, Executive Director, Fiscal Policy Institute, presented to the Joint Budget Hearing on Economic Development and Taxes before the Assembly Ways and Means and Senate Finance Committees.
The centerpiece of the 2006-07 Executive Budget is a return to the pre-2001 practice of enacting large multi-year, backloaded tax cuts. The myriad of tax reductions being proposed by the Governor would reduce state revenues by about $1 billion in 2006-07. But because the proposed tax … (read more)