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Critics fault Cuomo's bank tax proposal

ALBANY, N.Y. (AP) Gov. Andrew Cuomo's proposal to simplify New York bank taxes contains a provision critics say would let Manhattan's big investment banks pay tax on only 8 percent of their billions in annual net income from stocks, bonds and other securities.

According to the Cuomo administration, the changes will simplify New York's complex tax structure and help end lengthy, expensive disputes between banks and tax collectors on what constitutes taxable revenue.

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It assumes that about 8 percent of revenue comes from New York business, the rest from elsewhere.

James Parrott, Fiscal Policy Institute chief economist, says New York's share of investment banking is closer to 39 percent.

New Yorkers for Fiscal Fairness calls the proposal “a big gift to Wall Street.”

Administration officials did not immediately reply to requests for comment.

Copyright 2014 The Associated Press. All rights reserved

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