Assemblyman Dave McDonough (R,C,I-Merrick) said today that middle-class tax cuts are the best option for spending the state’s additional $610 million surplus and other available funds. McDonough said Long Island families continue to struggle under the nation’s highest taxes, and widespread tax cuts are routinely ignored during budget negotiations.

“The best option for spending the $610 million bank settlement would be to cut taxes for middle-class families,” McDonough said. “Budget negotiations usually cater to New York City interests, but ignore the needs of upstate and Long Island families. New York has one of the nation’s most abusive tax structures, and right here on Long Island are some of the nation’s highest property taxes. Economic growth and recovery necessitate individuals putting money into the economy, but it is difficult to do that in New York when a large portion of one’s income goes to taxes. This money should be used to lessen the burden on middle-class families and allow New Yorkers more economic freedom.”

McDonough’s comments come after a press release from the New York State Department of Financial Services announced that Commerzbank has paid a penalty of $610 million to New York State for its string of financial crimes and lackluster accountability procedures.