New Yorkers Call For Tax Cuts

by Mike Godfrey, Tax-News.com, New York

23 October 2001

According to recent reports, there is growing concern over the state of the New York economy following the September 11th terrorist attacks, and calls have been made for tax cuts, in order to rescue New York State's many small businesses.

Last week, Mark Alesse of the New York Times praised the way in which state political leaders such as Senate Majority Leader Joe Bruno, and Assembly Speaker Shelly Silver have dealt with the situation, but cautioned that: 'It is important for them to recognize that terror has hurt Main Street, not just Wall Street.'

Recent media reports have demanded a comprehensive economic stimulus package in order to reverse the fortunes of the state, but by far the loudest call has been for a cut in the personal income tax rate. Experts believe that this would help to boost the economy of the city and state in several key ways- firstly by boosting consumer spending and confidence, secondly by giving a much needed lift to small businesses throughout the state, and thirdly by encouraging personal saving, which according to the New York Post, is the principal source of small business start-up capital.

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