This week Assembly Speaker Sheldon Silver said he will propose a tax cap but that will have exemptions. That proposal hasn’t been revealed yet. As soon as we get details they will be posted.
Is a tax cap popular? Sure, polls say 72 percent of New Yorkers want one. Last poll I checked had 78 percent of New Yorkers wanting an extension of the millionaire’s tax.
Why is 2 percent or the rate of inflation, whichever is lower, the magic number? In Oklahoma, the tax cap is currently at 5 percent, and voters get to decide if it goes down. Even if they do OK it, it will go down to 3 percent. The race to the bottom is all but assured.
Thanks Betsy Marshall for the questions you raise in response to Diane Ravitch’s questions. All of these issues intertwine. I’ve just spent an hour going through photos of dozens of people whose jobs are being sacrificed. I’ve read so many news clippings about cutbacks and layoffs. In not a single article has anyone said the jobs are not needed. But the jobs must be cut because local property tax rates must be lowered.
How is it going to help our economy to have thousands of people out of work? How much worse is it going to be next year because those who have been laid off haven’t paid income tax or sales taxes on purchases they will forego?
There is still time. You can call, fax or visit your lawmaker. Tell them you oppose the property tax cap. Tell them to extend the millionaire’s tax. And if you can make it to the West Capitol Park at 8 p.m. Monday, we’ve got 2,000 glowsticks ready for you.