April 12, 2001. A new administration in Washington is determined to push through an unprecedented $1.6
trillion tax cut that will have far-reaching effects for years to come. This report shows that the Bush tax plan would hit the Empire State with a powerful “double whammy.” While the richest 1.1% would receive over 60 percent of the tax cut, 2.5 million New Yorkers would be left entirely. Many other New Yorkers would receive cuts that are smaller than advertised. Overall, the President’s plan would increase New York’s “balance of payments” deficit with the federal treasury.