NY’s Spitzer Sees Maryland’s O’Malley as Model

By November 24, 2007Taxation

It’s a race to the anti-competitive bottom!

Faced with the task of eliminating a budget deficit that has ballooned to more than $4 billion, Governor Spitzer is considering a proposal to raise income taxes on wealthier New Yorkers, according to a labor-backed political party that is pushing for the increase.

As a candidate last year and as governor, Mr. Spitzer has repeatedly said he will not increase taxes but intends to rely on revenue from nonrecurring sources, such as the selling of state assets, and from the closure of so-called tax loopholes to balance the books.

The political party mentioned above is the Working Families Party, which named Spitzer on the party’s ballot line in the last election. Among its policies is raising “progressive revenue” — how’s that for a phrase? — via higher income taxes on the wealthy, closing corporate tax loopholes and re-instating the stock transfer tax.

New York State lost 16,300 manufacturing jobs between October 2006 and October 2007, even as private sector jobs increased by 78,300. Is that what they mean by progressive?

By the way: “New York governor’s political fortunes, poll numbers collapse after first-term blunders

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