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Gov. Andrew Cuomo. Photo: Zack Seward
Gov. Andrew Cuomo. Photo: Zack Seward

Cuomo predicts growing budget surplus, shrinking property taxes

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New York Gov. Andrew Cuomo says New York State could have a budget surplus within three years.

The positive budget news comes as Cuomo has formed a task force to look at ways to cut taxes, a panel he says will target the property tax.

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Reported by

Ryan Delaney
Reporter, The Innovation Trail

Governor Cuomo says with an economy rebounding and controlled taxes since he took office, there will be more black ink in the state budget by 2016.

He says the state is now in a position to make additional tax cuts. On Wednesday the governor formed a commission to come up with ways to cut $2-3 billion more.

Cuomo has his eye on the property tax rate, saying it’s ‘way out of whack’ with the rest of the nation.

“We have to get that property tax down,” he said “That’s what’s chasing people from this state. That’s what’s chasing businesses from this state.”

He called the property tax the single worst tax in New York.

“People think it’s the income tax” he said. “It’s actually not. It’s larger than the income tax.”

Cuomo appointed former Republican Governor George Pataki and former state comptroller Carl McCall to head the tax cutting commission. Cuomo says it’s a perfect show of political bipartisanship, in contrast to the current situation in Washington, as the government remains shutdown.

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