LeRoy Pennysaver & News

LE ROY PENNYSAVER & NEWS - JANUARY 21, 2018 Senator Ranzenhofer’s Monthly Column New Affordability Agenda Aims to Help Residents Stay and Thrive in New York According to a recent study– conducted by moving company, United Van Lines– New York State had the third highest share of households moving to other states in 2017. This outmigration of resi- dents has occurred because of the high costs of living. New York’s burdensome, onerous taxes make it difficult to live, raise a family, own a home or retire in our state. That is why I recently backed a new plan to make the state less costly and more attractive for residents. The 2018 Affordability agenda is focused on broad- based tax relief, as well as re- forms to control spending and prevent tax increases. The new agenda reinforces our commitment to the recently effective Middle-Class Income Tax Cut, on-time and as-prom- ised. The start of the new year means millions of taxpayers will start to see savings from this landmark tax cut. Income tax relief will ultimately reach $4.2 billion a year, reducing middle-class tax rates by 20 per- cent for employees and tens of thousands of small businesses. Property taxes are one of the major factors forcing res- idents to leave our state. In 2018, 2.5 million homeowners will receive nearly $1 billion in property tax rebate checks. The agenda proposes a 25-percent increase in rebate checks, fur- ther easing the local tax burden. State energy taxes impose a major burden on families and seniors too. The agenda elimi- nates the two-percent Gross Re- ceipts Tax on utility bills, result- ing in $190 million in savings. Each year, thousands of old- er residents leave their commu- nities because of the taxation of a large portion of retiree pen- sion income. The agenda helps to reverse this trend by dou- bling the current exemption on pension income, saving seniors $275 million. Lastly, the 2018 Affordabil- ity Agenda advances critical re- forms to finally end New York’s addiction to taxes and spending. The plan proposes perma- nent caps on state spending and local property taxes. A self-im- posed two-percent cap on state spending, during the past seven years, has saved taxpayers a cu- mulative $41 billion, while the property tax cap has saved tax- payers $23 billion since first be- ing enacted in 2011. Together, restraining government spend- ing and limiting property taxes have saved taxpayers a com- bined $64 billion. Other vital reforms include a measure to require a super-ma- jority vote on any state legis- lation that increases taxes and a constitutional amendment to ban unfunded mandates. The 2018 Affordability Agenda builds upon the prog- ress that has been made already, from the lowest middle-class tax rates since 1948 to 85 tax cuts saving taxpayers $12 bil- lion to date. This is a sensible approach to lowering the cost of living and stopping the consistent loss of population. Overall, it is de- signed to help individuals, fam- ilies and seniors stay and thrive in New York by making it more affordable. I will be advocat- ing for the 2018 Affordability Agenda during this year’s Leg- islative Session. 1 Church St., LeRoy, NY 14482 585.768.2201 www. l pg r aph i c s . ne t COPIES FAXES LAMINATION DESIGN PRINT