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JANUARY 1999

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