Circuit Breaker, Millionaire’s Tax – No Cap – Pass Assembly

As expected, the Democrat-controlled Assembly approved its answer to Gov. David Paterson’s property tax cap bill, which was a combination circuit breaker and millionaire’s tax.

The vote was 118-24, which means about half of the Assembly Republicans joined the Democrats in voting “yes.”

The millionaire’s tax in this case has two tiers – one for people earning $1 million and another for super-millionaires, those who earn $5 million or more…

Assembly Majority Leader Ronald Canestrari, (whose name was spelled wrong on the vote board for the bulk of the debate), sponsored the bill and defended it on the floor for the Democrats and said the majority believes the discussion on the subject of property tax relief is “just beginning” and “over the next few weeks or months common ground can be found.”

Of course, he added, the Democrats feel certain the final deal will be “more like our plan than the others…involving all property tax at the local level, not just schools.”

Assemblyman Jim Hayes, leading the debate for the minority, called the Democratic majority bill “window dressing directed at a very small number of people” and one that will not provide significant relief.

Assemblyman Richard Brodsky said the bipartisan support for the millionaire’s tax should send a “political message” to the governor.

“This was not just the right thing to do this was smart politics and it captured half the Republican conference, which is the most anti-tax conference in Albany,” Brodsky said. “If you can get half of them, you can get three-quarters of the Senate Republicans and all the Senate Democrats.”

“The message the Assembly wants to cut property taxes trumped the Senate and the governor’s message that they wanted to limit the increase.”