New York Legislators Do the Unthinkable on Taxes

Last Monday night, state legislators in New York did the unthinkable: they cut taxes. Let me reiterate that. New York lawmakers cut taxes, while passing a $140 billion budget, instead of increasing them. While some tax reform measures included in the 2014 budget come in the form of property tax rebates and a three-year phase out of the utility tax surcharge, the most notable tax cut involves the Empire State’s corporate income tax.