George Pataki on Corporations
Republican NY Governor
A: I think they have gone too far. I think we've seen Wall Street really blossom and do very well while the rest of the country is struggling, and it's because we have this corrupt connection between Wall Street and Washington.
PATAKI: I agree with Rick on manufacturing, but my approach is different. I would pass a rate on manufacturing of 12%, the lowest in the developed world so we can make things in America again. I know how important those jobs are. When I went through college, Christmas and summer vacations, I worked in a factory. My grandparents worked in a factory. We have the opportunity now with lower energy costs, with the world labor cost getting higher, to make things in America so we don't have to worry about China. Lower the tax burden on manufacturing; improve the work skills of Americans; get rid of job killing regulations.
Let's help family farms and small businesses, and allow our seniors to spend their golden years in New York with their families and friends by eliminating the estate tax. Let's cut the income tax rate that most New York families pay, and grant even greater financial freedom to families all across New York State. And let's cut taxes on businesses once again and give New York's employers even greater freedom to grow and create jobs.
Our economy has been setting the right kind of records in the 1990s in terms of real economic growth, low inflation, declining welfare rolls, and falling unemployment rates. During the same period, however, personal bankruptcy filings have repeatedly set the wrong kind of records, reaching new highs each of the last three years. Governors accordingly support revising federal bankruptcy laws to curb the increasing number of bankruptcy filings in our nation and to stem abuses of the bankruptcy system.
Specifically, Governors support efforts to prevent debtors from filing Chapter 7 bankruptcy in lieu of Chapter 13 when they are financially capable of repaying part or all of their unsecured debts. We also encourage Congress to place the highest possible priority on payment of domestic support obligations in bankruptcy proceedings. Preservation of states’ existing rights to determine their own standards dealing with homestead exemptions is another important provision that needs to be included in any bankruptcy legislation that Congress passes this year.
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