Capping NY’s Taxes
photo: Drew Angerer/Getty Images
New York State’s temporary property tax cap is wildly popular with the public, and for good reason: the state has one of the highest property-tax rates in the nation, and the cap, which limits annual increases to 2 percent, has saved taxpayers billions. But what has been a boon to homeowners is loathed by the state’s teachers’ unions, who see the cap dramatically reducing revenues for school taxes. Governor Cuomo has said that he plans to make the cap permanent—he should follow through on that plan and resist union pressure to scrap the cap.
The Facts You Need to Know
Permanence Now: The political makeup of the state Legislature is such that there will likely never be a better time to make the cap permanent. Read more.
Local Control: The law allows communities to put override of the cap to a vote; 19 school districts will do so this year. Read more.
Double Trouble: In the decades before the cap, school-tax levies grew at double the rate of inflation. Read more.
"Since its enactment in 2011, the 2-percent property tax cap has saved New York’s hardworking families and businesses $7.6 billion. And in addition to broad support among the state’s business community, 70 percent of taxpayers across the state support the tax cap.”
The Past is Present
Fed up by 30 years of a declining economy, rising taxes, and a swollen public sector, the folks of Erie County have risen up and rebelled, swamping their elected officials with e-mails and petitions objecting to another increase in taxes and demanding spending cuts instead.
On The Calendar
Distinguished editor John Tamny uses entertaining stories from sports, movies, popular culture, and famous businesses to demonstrate the basic principles of economics, including: how the Rolling Stones, Dallas Cowboys, and Paris Hilton are examples of good and bad tax policy; how The Godfather, Gone With the Wind, and The Sopranos reveal the downside of antitrust regulation, and many more.
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