U.S. Markets closed

NY urged to address high, broad-based taxes

ALBANY, N.Y. (AP) -- State officials are being urged this week to adopt new proposals to cut broad-based taxes for all New Yorkers instead of continuing politically targeted tax breaks for businesses and Hollywood productions.

E.J. McMahon of the Manhattan Institute says New York's high tax status grew worse in recent years with a "temporary" income tax extended twice so far that takes in $2 billion a year.

The national Tax Foundation's Joseph Henchman testified in the same state Senate hearing Wednesday that New York is ranked last in business climate among all 50 states.

The Unshackle Upstate business group says New York needs to cut income taxes by 25 percent for upstate residents making less than $50,000 to turn around the economy.