Since David Paterson was inducted into office on Monday and publicly confessed to his private-life sins, his visage has covered the front page of almost every New York news periodical. His picture has been captioned with a variety of witticisms and puns alluding to his indiscretions. However tucked away in the New York Post, in an article that took up less than an eighth of a page, is one if the most stirring official acts that David Paterson has committed during his brief tenure as governor thus far. The headline of this article states that "Paterson Rejects Tax On Wealthy."
In an effort to close the $5 Billion gap in the New York State budget, the democrats suggested a .85% income tax increase for residents who make more than $1 Million a year. David Paterson rejected this proposal made by his party members. Instead, he has opted to side with republican Mayor Bloomberg, and is declining a tax increase on his wealthier constituents.
According To The New York Post, in lieu of the less than 1% income tax increase for the affluent citizens of New York, David Paterson is requesting $800 Million in cuts. Where exactly these cuts will be applied has remained to be seen. Without the specific details, I am unsure of what the resulting damage of Governor Paterson's plan will be. However, $800 Million of cuts seems like a frightening proposition. I venture to guess that most of those cuts are likely to adversely affect those who are most in need. After all, isn't that how it usually works? We will soon find out since the state's constitution mandates that the state's budget must be finalized by April 1st. [Sidebar: April fool's day...how apropos.]
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