ASSEMBLY REPUBLICANS ANNOUNCE RELIEF PLAN FOR INFLATION CRISIS WARN AGAINST FURTHER TAX HIKES AND WASTEFUL SPENDING

• Date : October 2nd, 2022
• Author : Joe DeStefano

State Assembly Republicans have submitted a mid-year financial analysis to the Division of Budget, providing a forecast on state spending and revenue, while offering a relief plan for households faced with spiraling inflation.

“The influx of federal stimulus money combined with revenues coming in ahead of original projections have the state in a solid financial position,” said the Republicans who make up the minority in the state legislature. “Our analysis is encouraging and shows that New York has the means to help mitigate the financial pressures being placed on individuals by persistent inflation. We’re in a unique position to provide immediate relief to the cost-of living crisis, while exercising some fiscal prudence. It would be ridiculous to consider more tax increases and placing additional burdens on New Yorkers. Instead, we should to be cutting taxes.”

Some of the key findings and recommendations of the Minority Conference’s report include:

• Returning a portion of the state surpluses to all residents by cutting state taxes for those most impacted by cost-of-living increases resulting from inflation.
• Reining in spending with fiscally-sound policies and do not raise taxes.
• Estimating $1.6 billion more than the Executive in surplus funds over a 2-year period (FY22 and FY23), for a total of $10.3 billion.
• Committing a portion of the surplus to Rainy Day Reserves and debt management.
• Recommending a higher level of transparency for use of the Economic Uncertainties Fund.
• Continuing the state’s commitment to fully funding Foundation Aid by Fiscal Year 2024, and fully fund all expenses aids with no consolidation.
• Properly managing risks when crafting the 2022-23 State Budget and continuing to prepare for future economic downturns.

“Inflation has been rising steadily since the election of Joe Biden and New Yorkers are feeling the heat,” said Assemblyman Joe DeStefano. “This mid-year analysis shows a positive forecast, but it is critical how this money is used in the coming year. We need to end the state’s notorious tax-and-spend cycle and take these important steps to give the taxpayers a break.”