Tax Cuts in the Mayor's Race On Friday, without many people noticing, Joseph Lhota, the Republican candidate for mayor of New York, slipped a little substance into the campaign. He issued a policy paper on jobs and taxes, his most detailed challenge yet to the economic plan put forth by his Democratic rival, Bill de Blasio. "Joe's Jobs Plan" promises to spur businesses and jobs, especially in manufacturing, by lowering the property-tax burden, which Mr. Lhota calls "a byzantine system of tax assessments that lack transparency and equity." It would also phase out the commercial rent tax, cut the hotel tax, "reform" other taxes like the unincorporated business tax and general corporation tax, and give tax breaks to growing businesses. Mr. Lhota, who was budget director under Mayor Rudolph Giuliani, understands city finances as well as anybody. So it is disheartening to see him offering an economic plan in the familiar Republican fish wrap of tax cuts, tax breaks and tax eliminations. It is explicit on what gets cut but vague on how blowing a hole in city finances is supposed to lead to prosperity and growth for all. This would all be easier for Mr. Lhota to defend if he were a true starve-the-beast Republican, bent on shrinking government so it can't do things for (or to) the people. But like any true-blue (or bluish) New Yorker, he supports government investment in things like housing and education. He favors universal prekindergarten - the centerpiece of Mr. de Blasio's campaign! - though Mr. Lhota would pay for it through "efficiencies," not through Mr. de Blasio's tax on people making $500,000 a year. Mr. Lhota, like Mr. de Blasio, also wants to expand the City University of New York so more high-skilled graduates are ready to thrive in the 21st-century economy. He wants to develop industrial parks like the Brooklyn Navy Yard in all the boroughs. There are many other areas of broad agreement. Both candidates agree that the city should scale back onerous fines and fees on small businesses. They agree that New York's economy needs to diversify. But where they differ most is their faith in the healing power of tax cuts. Mr. de Blasio doesn't believe this is the moment to talk about business tax cuts. Although he, too, vows to make property taxes more transparent, he is not promising to cut them. In fact, he says he will raise taxes on vacant lots, to discourage speculators. More details may emerge in coming debates. But with the economy fragile, a $2 billion budget gap looming, and expensive union contracts for the next mayor to negotiate, it is hard to see how sweeping tax cuts now is the most responsible and productive thing to do.