Testimony on Joint Legislative Budget Hearing on Taxes
George V. Sweeting, Senior Fellow at the Center for New York City Affairs (CNYCA), submitted written testimony to the Standing Committees on Finance and Ways and Means on Thursday, 27 February 2025.
Sweeting’s testimony evaluates and makes recommendations on four proposals in the state’s FY 2026 budget. He begins by critiquing the Inflation Refund Credit (IRC), arguing that it is poorly designed, and argues that it be restructured to meet the moment and help low-income taxpayers. He goes on to advocate for an expansion of the child tax credit noting that it would help reduce child poverty in our state.
The testimony also argues that the proposed rate reductions do not go far enough and recommends adjusting the first five personal income tax (PIT) brackets to assist low-income filers. Lastly, he supports Governor Hochul’s decision to extend the high-earner tax bracket through 2032, citing that there is little evidence that the higher rates have led to a large increase in the number of high-income earners leaving the state. Click below to read more.