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Gubernatorial Candidates Outline Tax Proposals

By Mark Scott

Albany, NY – The two candidates for governor in New York say they will lower taxes if elected in November. Democrat Eliot Spitzer and Republican John Faso outlined their respective tax stances during separate appearances Thursday before the Business Council of New York State.

John Faso made his pitch first. He called for a 25-percent cut in the state income tax and the outright elimination of the tax on married couples earning up to $50,000 a year. Faso said his plan would save New Yorkers $3.5 billion a year. He says after years of overspending, it's time to put the budget "on a diet."

In his appearance, Spitzer told the council he also would lower taxes, and his priority remains reducing local property taxes with a $6 billion cut aimed at middle class New Yorkers. He said he will approach the state's business climate as if he were the chairman of a site selection committee.

With Faso trailing Spitzer by 50-percentage points, political analysts say Faso's tax cutting proposal is aimed at cutting into Spitzer's business support, which includes an endorsement last week by the Buffalo-Niagara Partnership.