Cuomo Says State Can Afford Tax Cuts

Governor Cuomo says he thinks the state can afford a tax cut next year, despite a projected $1 billion budget gap.

The governor said he's been holding down spending during his first three years in office, with an average growth rate of two percent per year, compared to an annual ten percent increase before he was governor. He said he expects enough money can be freed up to finance some kind of tax reductions during 2014.

"I believe we're going to have revenue at the end of this year that we can be talking about a tax cut next year," Cuomo said. "That's very exciting."

Coumo is up for reelection next year. He's appointed two tax commissions, one co-chaired by former Governor George Pataki, to come up with a plan that could focus on property tax reductions. New York has some of the highest taxes in the nation.