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Critics say extending 'temporary' tax bad for NY

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ALBANY, N.Y. (AP) — Critics are say a proposal to extend a "temporary" income tax hike for the second time in the state budget currently under negotiation is bad for New York.

E.J. McMahon of the Manhattan Institute says the proposal is a political ploy to avoid extending the tax when it's due to expire in 2014, an election year.

The proposal being considered in closed-door talks was first revealed last week by The Associated Press citing officials close to the talks who spoke on the condition of anonymity because they weren't authorized to divulge the effort.

Legislative leaders confirmed the proposal Sunday night. The $2 billion "millionaire's tax" was opposed by Cuomo and Senate Republicans in the 2010 elections.

The Partnership for New York City calls it the worst possible message to employers.

 

Copyright 2013 The Associated Press.

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