Columbia Prof Backs Klein’s Tax-Cut Plan
While the Working Families Party may not like the proposal by Sen. Jeff Klein, D-Bronx, to raise taxes on the wealthy and provide tax cuts to the middle class through a debit card, he did pick up the backing today of Columbia University Economics Professor Michael Woodford.
“Senator Klein’s proposal provides a two-pronged approach to reducing the harm to New York’s economy from the current economic crisis,” Woodford said in statement from Klein’s office.
“On the one hand, it provides additional sorely-needed revenue to the State, reducing the extent to which essential programs will have to be cut—cuts that at this time would only increase economic distress. And at the same time, it stimulates spending through a novel debit card system, reducing the impact of the recession on local merchants.”
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