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George Pataki on CorporationsRepublican NY Governor |
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.
