State Senator Andrew Gounardes Introduces Bills to Close Unfair Tax Loopholes
Автор: State Senator Andrew Gounardes
Загружено: 2025-05-14
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New York State Senator Andrew Gounardes, Assemblymember Tony Simone and Assemblymember Michaelle Solages joined advocates and policy experts today to unveil a legislative package designed to close egregious loopholes in the state tax code that benefit wealthy New Yorkers and corporations.
The legislative package was introduced in the wake of Congressional Republicans’ proposed budget, which cuts Medicaid, food stamps and green energy programs to fund tax breaks for the wealthy.
The proposals to eliminate tax loopholes for everything from gold bars to corporate franchise taxes were inspired by a report Senator Gounardes published earlier this year, which identified questionable, arbitrary and downright absurd state tax expenditures that cost New York nearly $3 billion in lost tax revenue while providing little obvious public benefit.
The report, which draws on data from the state's Department of Taxation and Finance, found that “while tax expenditures are frequently meant to provide economic incentive and relief, when not continually refined they have the potential to subsidize economic activities and wealth that require little incentive while depriving the state of billions of dollars of revenue.
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