New York’s next tax giveaway to the rich
Bad enough that New York state hands out $420 million a year of taxpayers’ money to the film industry. Will Gov. Cuomo now dump another $50 million a year on music and gaming companies?
The gov has until Nov. 27 to veto a bill that would do just that. Pray that he does.
The bill would green-light tens of millions in new state “tax credits” (Albany’s euphemism for subsidies) to music-production companies and those involved in digital-gaming media. Over three years, the payments would cost taxpayers $150 million.
“New York was once the epicenter for music production, and we have lost much of this business to other states’ aggressive tax incentive programs,” says Assemblyman Joseph Lentol (D-Brooklyn). But the pro-subsidy crowd has no convincing evidence for its claims to save jobs.
Anyway, New York is constantly losing businesses, thanks to its onerous regulations and sky-high taxes. Why hand out bribes only to the 1 percenters in the film, music and gaming fields — rather than simply easing taxes and regulations for everyone?
Maybe because these glitterati offer great photo-ops and big campaign donations.
Enough is enough. Taxpayer money is not Albany’s to give away; it belongs to taxpayers. Cuomo should roll back the giveaways — not expand them.
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