The groups recommend:
– Phasing out the high earner income tax surcharge, to reduce the state’s top tax rate from 8.82% to 6.85% by 2017;
– Making the December 2011 middle class tax cuts permanent;
– Indexing the state personal income tax code to inflation;
– Increasing the state Estate Tax exemption to the federal level of $5.25 million; and
– Making the state’s 2% real property tax cap permanent.
The Empire Center and Tax Foundation have put forward some very good recommendations that should be part of the tax relief conversation in 2014.