JOBS, TAXES AND THE ECONOMY

  • The Cuomo economic record reflects the strength of the state, the grit of its people and the power of an idea called "Family" that has produced progress - despite two national recessions - for all New Yorkers.

  • Governor Cuomo's unwavering commitment to jobs and opportunity has led to an unrivaled period of innovation and investment that has produced a net gain of 500,000 jobs, 50,000 new businesses and an economy poised for a solid comeback. This comeback is evidenced by 70,000 new jobs created in the last year and unemployment at the lowest level since 1990.

  • To send an even stronger signal to the business community, Governor Cuomo this year announced tax cuts that will save New York firms $1.6 billion a year when fully implemented. That includes a phase out of the state's 5% hotel tax -- providing a tremendous boost to the tourism industry.

  • Cutting taxes has been a top priority. Governor Cuomo has signed the two biggest income tax cuts in state history, slashing the top income tax rate from 14% when he took office to 7.8% today.

  • The state tax burden has declined dramatically since 1983, with New York dropping from the 14th ranked state to 22nd in state tax burden.

  • Governor Cuomo has saved local taxpayers more than $7 billion through the state's takeover of long term Medicaid costs that began in 1984. He has proposed to take over the rest of the Medicaid system in order to save taxpayers an additional $4 billion. However, this proposal has been blocked by the Republicans in the State Senate.

  • Governor Cuomo saved New Yorkers billions of dollars annually by leading the fight to preserve the federal deductibility of state and local taxes which Republicans wanted to eliminate.

  • The Governor's economic development agenda to expand, retain and attract companies has led to strategic investments in thousands of companies and capital projects across the state leveraging billions in private investment and creating or retaining hundreds of thousands of jobs.

  • Under the guidance of Lieutenant Governor Stan Lundine, New York's investment in high-technology has kept the state on the cutting edge of scientific achievement in the private sector. State grants have led to more than $600 million in private investment and the state's $91 million investment in 13 Centers of Advanced Technology has produced 62 patents, 50 companies and hundreds of jobs. An independent audit showed a 300% to 600% return on the state's investment.

  • The Global New York program has ensured that local businesses are among the best equipped to capitalize on a changing world economy. Since 1990, New York has helped 6,700 firms gain access to world markets, generating $228 million in new exports.

  • Similarly, foreign investment in New York since 1983 has grown faster than any other state, with 300 of the largest foreign- based firms having operations here.

  • Governor Cuomo's Defense Diversification program has become a national model. Faced with dramatic defense cutbacks in New York, the program began in 1991 and in its first year alone, more than 1,000 businesses received state assistance that created or retained 20,000 jobs.

  • In order to help communities impacted by base closures and military downsizing, Governor Cuomo turned to Lieutenant Governor Lundine to spearhead the administration's aggressive base conversion policy. The state has provided vital assistance to help these communities deploy their resources in a totally new way and make these military bases a vital component of New York's post-Cold War economy.

  • To stimulate growth and economic investment in the state's hardest hit urban areas, the Governor created the Economic Development Zones Program. The 19 existing zones have generated $450 million in investments from 869 businesses creating more than 5,800 permanent jobs. Their success led the Governor to designate creation of 21 new zones.

  • New York has invested $50 billion in its infrastructure under Governor Cuomo, building or repairing thousands of bridges, 21,000 miles of roads and overhauling New York City's mass transit system, making it cleaner, safer and more efficient.

  • To streamline government and cope with the second national recession since he took office, Governor Cuomo cut the state work force by 13%, saving taxpayers about $1 billion annually. New York State ranks 44th nationally in state employees per capita.

  • The Governor is propelling the state toward the 21st Century with a massive $32 billion investment program called "The New, New York." This program will create more than 300,000 construction and permanent jobs across the state during the next four years.

  • In New York City alone, the program will pump $7 billion into projects including a rail link between La Guardia and JFK airports, the Queens West residential and commercial project on the scale of Battery Park City, and construction of the Science, Business and Industry Library.

  • The New, New York will bring to the Long Island and Hudson Valley regions billions in highway construction and subway, bus and commuter train improvements, high-speed ferry service, and millions more for state parks projects, high-technology companies, research, business incubators, export trade development, and defense diversification projects.

  • Upstate the New, New York will provide hundreds of millions in transportation funds, and will include massive capital projects such as the Inner Harbor and Stadium Market Center in Syracuse, the Decker Health Science Center in Binghamton, and the construction of the Buffalo Airport Gateway project including a new 22-gate terminal.