New York Gov. Cuomo Calls for $2.2B in Tax Cuts

New York's Democratic governor is calling for $2.2 billion in tax cuts.

Gov. Andrew Cuomo unveiled a plan Monday that would freeze property tax increases and provide a credit for New York City renters.

Cuomo told reporters the Empire State has simply been spending too much money, and the problem is at least 60 years old.

"We spent too much money for a long, long time," Cuomo said. "We actually spent more money than the people of the state earned. We were literally spending more money than we were making."

Cuomo is expected to reveal more details of the plan in his State of the State address on Jan. 8.

The plan comes from recommendations made last month by a bipartisan commission. Cuomo appointed the state's former Republican governor and its former Democratic comptroller to lead the commission.

"The commission fundamentally recognizes that New Yorkers need tax relief," Cuomo said. "You have a lot of hard working families and home owners who are getting crushed in this state by taxation."

Still, while the governor seeks tax cuts, New York City's new Democratic mayor is calling for a tax hike on residents earning more than $500,000.