Steve Moore and Art Laffer:
In today’s Wall Street Journal about Rob Astorino, candidate for Governor in New York:
Astorino’s tax reform would lift the state’s flagging economy.
The executive for Westchester County, north of New York City, is calling for a simpler system that cuts the top state tax rate on personal income to 6% from 8.882%. Eight different tax brackets would be reduced to two, with the 6% rate applying to income above $200,000 for individuals and $300,000 for married couples. A 4% rate would apply to income below those levels.
The Republican would also repeal a utility tax, and by 2020 he’d phase out New York’s dreaded estate tax, which runs up to 16% and has sent tens of thousands of New York residents to retire in better tax climates. Mr. Astorino also wants to cut the state corporate tax rate to 5.9% from 6.5% by 2019. A simplified corporate system would eliminate favors for politically popular industries like the film tax credit that subsidizes the millionaires who produce “Saturday Night Live” and “The Tonight Show.”