ALBANY, NY (WNY News Now) – Republican’s in State’s Senate are outlining a plan to help taxpayers, families and businesses find relief from inflation impacts in New York.
Senate Republican Leader Rob Ortt unveiled the report on Monday, shining a light on the true struggles of everyday New Yorkers.
It highlights where and how much prices have increased, how incomes, wages, and household budgets have been affected, and analyzes overall consumer sentiment.
Ten key solutions were outlined, including enacting a permanent cap on runaway state spending, providing targeted tax relief and reducing costs of healthcare, costs farmers face, and efforts to strengthen the workforce.
Key findings show:
- Inflation is up 9.1% and costs for New Yorkers have increased dramatically at the gas pump, grocery store, and on utility bills;
- American households are spending an additional $500 a month due to inflation;
- Inflation-adjusted incomes fell another one percent in June of 2022 adding to a total decrease of 3.6 percent from last year;
- Overall New York Index of Consumer Sentiment is the lowest since October 2011; and
- Albany Democrats’ misguided policies, out-of-control spending, and new supply constraints have contributed to inflationary pressures.
To address the issue, Senate Republicans unveiled some solutions, including:
- Enacting a Permanent Cap on Runaway State Spending;
- Cutting Energy Costs;
- Preventing “Stealth Tax Increases” by Adjusting Tax Brackets for Inflation;
- Providing Targeted Tax Relief;
- Reducing the Cost of Childcare and Supporting Families;
- Supporting Farmers and the Agriculture Industry;
- Improving the State’s Business Climate, Supporting Small Businesses and Manufacturers, and Increasing Supply of Goods/Necessities;
- Reducing Healthcare Costs;
- Lowering Housing Costs; and
- Strengthening the Labor Force.