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NY Senate Independent Democratic conference leader Jeff Klein. Photo: Karen DeWitt
NY Senate Independent Democratic conference leader Jeff Klein. Photo: Karen DeWitt

Senate says "no" to cuts in bank taxes, says it will use money to help families

A Senate co-leader is claiming victory for the Senate's rejection of a cut in banking taxes proposed by Gov. Andrew Cuomo. Jeff Klein is the leader of the Independent Democratic conference that shares leadership with Republicans in the state Senate. He says the resolution will use the $350 million in savings to help families.

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Reported by

Karen DeWitt
NYS Capitol Correspondent

"While we plan to reject this corporate giveaway," says Klein, "we're going in its place for paid family leave so families can have up to six weeks of paid family leave to care for a loved one or bond with a new child; we're going to restore the child care subsidies to allow women to go out and get a job and not worry about decent and affordable child care."

The resolution is just a one-house proposal so far. Assembly Democrats support the governor's proposal to cut the banking tax.

The Cuomo administration says the move simplifies New York's tax structure. Critics have focused on a proposal they say would allow major investment banks pay tax on just eight percent of their billions in annual income from stocks, bonds and other securities. The group New Yorkers for Fiscal Fairness calls the proposal a "big gift to Wall Street."

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