McGrath Plan Provides Property Tax Savings and Income Tax Cuts
(Long Island, NY) New York State Senate candidate Chris McGrath today released his plan to provide tax relief for Nassau County families.
McGrath proposed making the property tax cap permanent, increasing the amount of money Nassau homeowners receive the property tax rebate program, eliminating the Gap Elimination Adjustment, cutting state personal income taxes on middle-class families by 25% and exempting retirement income from state taxes.
“While steps have been taken to dig out of the hole created during the two years that New York City politicians were in total control of state government, Nassau taxpayers are still being shortchanged,” McGrath said. “Our school districts continue to struggle with the effects of the GEA. What’s worse, the GEA represented a massive shift in state school aid from Long Island to New York City. It must end. Now.”
Under the state property tax cap, property tax growth has slowed dramatically. As a result, Nassau County property taxpayers have saved $1.6 billion since its enactment. Currently, the property tax cap is scheduled to sunset in 2020.
When the State Senate and the State Assembly were both controlled by their New York City-dominated Democratic Conferences in 2009-10, the STAR Property Tax Rebate Program was eliminated and the Gap Elimination Adjustment (GEA) school aid cut was passed. This year alone, the remaining portion of the GEA will cost Nassau County school districts over $80 million.
The Senate Republican Majority proposed slashing state personal income taxes on middle-class families by 25% and exempting pensions and other retirement income from state taxes. These measures were passed by the State Senate but rejected by the State Assembly. The income tax cut would save middle-class families $3.5 billion and retirement exemption would save seniors $275 million.
“By capping state spending, we have the ability to invest in middle-class families and seniors by enacting meaningful tax relief,” McGrath concluded.
Chris McGrath is a candidate for the New York State Senate (SD-9.) He is not a politician, has never before run for elected office, and is a lifelong resident of the district. Chris has spent the majority of his career and personal life giving back to people in need. Following the devastating attacks of 9/11, Chris’s firm represented, pro-bono, the brave men and women who were first responders who helped in the search and recovering efforts at Ground Zero. As a member of the community, Chris, is involved in many civic and charitable organizations. He is a distinguished past president of Peninsula Kiwanis, creating the organization’s foundation for underprivileged and handicapped children. www.ChrisMcGrathForSenate.com
