Faso Proposes 25% State Income Tax Cut

UPDATED TO INCLUDE POST ON CANDIDATES' COMMENTS AT BUSINESS FORUM

Republican gubenatorial candidate John Faso today unveiled a tax-cut plan that would chop state income taxes by 25%.

The plan, which would exempt married couples earning $50,000 or less and single persons earning $25,000 or less from paying any tax at all, also would eliminate the state tax on capital gains and dividends.

Faso's plan would also reduce the number of state tax brackets to four from five.

Faso estimates the plan would save taxpayers (cut state revenues) by $7.5 billion. The plan, as outlined on his Web site, does not address how the fudning shortfall would be made up.

Both Faso and his Democratic opponent, Eliot Spitzer spoke today to the Business Council of New York State. According to Capitol Confidential, Faso had some pointed remarks for Spitzer, who gave as good as he got when it was his turn to speak.

Capitol Confidential is also reporting that Faso will kick off his ad campaign tomorrow with a $400,000 buy in various cities - all upstate.