State of New York Archives: on Tax Reform

Steve Mnuchin: Bypassing congress to cut taxes on capital gains possible

Elise Stefanik: Make tax code flatter and fairer for everyone

Elise will work to pursue fundamental tax reform, make it flatter and fairer for everyone, close special-interest loop holes, and eliminate burdensome regulations that hinder job growth and family savings.

Lee Zeldin: Simplify tax code & reduce tax burden

Zephyr Teachout: No tax breaks for those earning $500,000 to $2 million

We can have a people's economy, one that puts the working people and middle class back at its center. We can restore the people's economy in New York. We can challenge the great concentration of wealth and power that rigs our economy and corrupts our democracy, so we can recover the foundations of our common prosperity. My economic policy would rest on four platforms: economic fairness, a 21st century Internet, stopping consolidation, and building infrastructure.

Bob Turner: Close business tax loopholes even if construed as tax hike

Bob Turner: No anti-tax pledge; keep taxes on the negotiation table

Long asked Turner to defend his stance that raising taxes should be on the table in negotiations over reducing the country's budget deficit and debt. "I just think that we can't ever put those on the table," Long said. "Your willingness to put them on the table sounds to me sort of like the policies of Barack Obama and Kirsten Gillibrand."

Turner, noting that the White House and the Senate were held by Democrats, struck a tone of practicality and said that for anything to get done, "we're going to have to talk it out. I'm not going into the negotiations--and I don't think any Republican should go into the negotiations--and say, 'This is how it's going to be,' " he said.

George Maragos: No-tax pledge; teach the rest of Congress economic theory

Maragos, who accused his opponents of "continued indecision" in defining their stances on tax issues, did not talk of compromise. Asked how he would work with Democrats in Washington like Senator Charles Schumer, he pivoted to discussing his decades of business experience in the financial industry.

"I think I would start by trying to teach some of our Congress people some economic theory," Maragos said. "Unfortunately in Congress we have a lot of attorneys but very few economists and very few business people."

Turner was puzzled. "I think George's suggestion that we school Senator Schumer in economic reality would be an interesting challenge," he said.

Wendy Long: Don't ever put tax increases on the table

"You know where I stand on this: I just think that we can't ever put those on the table," Long said. "Your willingness to put them on the table sounds to me sort of like the policies of Barack Obama and Kirsten Gillibrand."

Turner, noting that the White House and the Senate were held by Democrats, struck a tone of practicality and said "we're going to have to talk it out."

Wendy Long: Cut taxes & regulations to let job creators create jobs

A: Well, first of all I would not have the arrogance to say that I as a public official am going to be the one who is going to create the jobs. I think that is a preposterous position. I think we have to be modest enough to realize that what we have to do is get out of the way and create a level playing field and favorable business climate for the people who really create the jobs to be able to do their jobs. I think what we need to do is lower tax rates, especially on business and also on individuals. Get rid of things that are oppressive to New Yorkers like the Alternative Minimum Tax. And just get off of people's backs. Dial back the oppressive regulations. So dial back the taxes and the regulation. Simplify the tax code. Make it more pro-growth. And reduce federal spending.

Joe DioGuardi: Extend Bush-era tax cuts, even for earners over $250K

Kirsten Gillibrand: Extend Bush-era tax cuts, except earners over $250K

Joe DioGuardi: Fined by IRS in 1978 for deducting commodity spreads

DIOGUARDI REFUTATION: The year prior to the IRS filing against DioGuardi, the treatment of commodity spreads--which was a practice that was commonly used and recommended by leading accountant firms in the 1970s--was amended. When his family filed their taxes that year, the updated law was not realized.

At that time, taxpayers were subject to a punitive top tax rate of 70%--and Joe sought to protect his family from over-taxation. The tax system was broken, and like many Americans, Joe took steps to reduce his tax burden.

The challenge to the DioGuardi tax return was the result of a new ruling issued by the IRS that changed the treatment of commodity spreads--it had not been a longstanding tax law. The IRS challenged the DioGuardi family tax return in 1978. In the previous year, the IRS issued a ruling that it would no longer accept a tax deduction for losses sustained on those trades. (The Washington Post , 12/21/80)