Faso proposes 'indexing' taxes and other reductions

Assembly Republicans proposed tax reductions that would include expanding the Earned Income Tax Credit and adjusting state taxes every year to eliminate inflation-driven increases in income taxes.

The plan announced by Republican Leader John J. Faso, which would return $1.5 billion to taxpayers, also matches Governor Pataki's budget proposals to reduce personal taxes on middle-income families, individuals and small-business owners.

The Families First 2000 tax plan would adjust state tax brackets annually to reflect the inflation rate. Otherwise, Faso said, New Yorkers will continue to suffer "bracket creep" - in which cost-of-living increases in salaries and wages drive more taxable income into higher tax brackets.

The Assembly Republican tax plan also includes:

January 27, 1999