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May 1, 2003

Governor: Legislature's budget plan includes largest tax increase in history; it would cost 100,000 jobs in next two years

The state Legislature's budget plan would impose the largest tax increase in state history, $3.3 billion, and that increase would kill more than 100,000 jobs statewide during the next two years, a new report from the state Division of the Budget says.

The legislative plan would cause massive fiscal problems, harm the state's economy, and hurt taxpayers statewide, the report says. The report provides the first real comprehensive analysis of the impact of the Legislature's budget actions on the state's finances, taxpayers, and programs and services, DOB's release said.

According to the report, the Legislature's plan would:

"At a time when New York is facing a $12 billion deficit, it is unfathomable that the Legislature's response is to simply add billions of dollars in new, unaffordable spending," Governor Pataki said. "Even worse, at a time when New Yorkers are working to support their families, pay their taxes, put their children through college and cope with the effects of the national recession, the Legislature is saddling them with new and higher taxes to pay for their actions."

DOB said its analysis shows that the Legislature's plan would: