Tags: Lazio | the | Tax-Cutter

Lazio the Tax-Cutter

Thursday, 02 November 2000 12:00 AM

It happens to have zoomed off the charts in New York since 1995.

And what is it that Lazio knows?

That the No. 1 reason for the state's economic growth is: lower taxes.

For years, pols bleated an old axiom: National recessions hit New Yorkers harder, and recoveries benefit them less.

But no one saw the obvious - that high taxes were to blame. Indeed, every time the economy went south, officials tried to make up for lost revenues by socking businesses and residents with higher taxes. The result: Businesses fled, cut production or went belly-up.

New Yorkers lost their jobs.

It happened in the '70s.

And again in the early '90s.

Then, under Gov. Pataki and Mayor Giuliani, New York lowered taxes.

Last year, the tab was some $12 billion less than it would have been under the 1994 tax laws.

What happened? Job growth soared.

Last year, the state did its best ever since 1957 relative to the nation - growing at 2.5 percent. New York City, which also lowered taxes, turned in its best performance in half a century.

Today, the state has jumped to 11th - from 50th - in production of new jobs.

New York no longer lags; it leads.

Though Hillary Clinton says otherwise, upstate is spinning out new jobs faster than any other industrial state.

Altogether, since '94, the state has sprouted 756,000 private-sector jobs.

And Lazio understands why.

Which is why he's calling for broad tax cuts designed to benefit New Yorkers.

Lazio wants to eliminate the marriage penalty and make Social Security taxes deductible, saving the average two-income family about $1,200 a year.

Those and other reforms amount to a $776 billion scale-back of federal taxes.

The Manhattan Institute estimates that Lazio's plan would save the Empire State about $4.2 billion a year in income tax alone, compared to just $1.2 billion under Hillary Clinton's plan.

Lazio also appreciates small businesses. He won passage in the House of the Small Business Tax Fairness Act, which includes $29.7 billion in tax relief for small firms.

And his plan to end the death tax would encourage small-business investment.

All in all, it's a program that ought to keep New Yorkers smiling.

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It happens to have zoomed off the charts in New York since 1995. And what is it that Lazio knows? That the No. 1 reason for the state's economic growth is: lower taxes. For years, pols bleated an old axiom: National recessions hit New Yorkers harder, and recoveries...
Lazio,the,Tax-Cutter
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2000-00-02
Thursday, 02 November 2000 12:00 AM
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