As the ongoing battle with inflation across the country continues, lawmakers are trying everything to slow its effects and provide some much-needed relief for consumers. This past Wednesday, New York State Republican lawmakers called for a 2-year tax holiday that would cover a range of consumer goods.
Details
If this was to be enacted by New York lawmakers, it could save New Yorkers around $2.6 billion in yearly tax relief over the time it is in place. This proposed holiday would cover purchases of gas, personal care items, housekeeping supplies, and prepared food.
“The families we represent are cutting their budgets to make ends meet. As elected leaders, we must also find ways to tighten our belts,” Senate Minority Leader Robert Ortt said. “For far too long, our bloated, fiscally irresponsible state government has ignored the struggles of middle-class consumers. It is high time for Albany to give it back to the taxpayers by eliminating sales tax on goods and services that the political ruling class takes for granted. We need to do the right thing and provide desperately needed relief to hardworking New Yorkers.”
Measures Already Taken
Ideas to combat inflation are consistently being floated, with some already put in place by not only New York lawmakers, but at the national level as well. Gov. Kathy Hochul and state lawmakers back in April of this year agreed on a 16-cent suspension per gallon in gas taxes, as prices were rapidly increasing in the spring. This provision started in June and is expected to run until the end of the year.
Wrap Up
This new proposal could provide a massive step in the right direction in the fight against inflation. It would save New Yorkers more than $2b yearly over these next 2 years, which would provide relief and give residents more financial freedom when it comes to their daily spending.