Senate Republicans held a hearing on how to cut taxes, that focused on whether some targeted special tax breaks are worth the money. Meanwhile, some groups complained that they’d been unfairly excluded from the discussion .
Senate Finance committee Chair John DeFrancisco painted a grim picture of New York’s tax policy. He says the state consistently ranks at the top slot for the highest overall taxes in the nation, and the least business friendly environment. DeFrancisco says while there have been some reductions in the personal income tax rates and some business taxes, more needs to be done to reduce taxes and simplify a confusing tax code.
“The need for tax reform cries out,” said DeFrancisco, who says the personal income tax contains 15 modifications and 45 different credits.