New York state lawmakers may act this month to raise taxes on high-income people, a top legislator said, as the state confronts a budget deficit exacerbated by the coronavirus crisis.
Assembly Speaker Carl Heastie, a Democrat from the Bronx, told reporters Monday he wants to increase rates during a December session so they can take effect starting in 2021. He is in talks about the matter with Gov. Andrew Cuomo and Senate Majority Leader Andrea Stewart-Cousins, who are also Democrats.
A state official familiar with the negotiations said senators are pushing to make higher rates retroactive to some earlier point in 2020. This would raise revenue to avoid up to $8 billion in unspecified cuts to education and social-service funding that state lawmakers authorized in April as a placeholder in the current $178 billion budget. That spending plan was contingent on additional federal funding that hasn’t materialized.
Ms. Stewart-Cousins’s team is willing to impose new levies on New Yorkers reporting $2 million or more in annual income, the state official said. Another official familiar with the talks said Assembly negotiators are willing to increase taxes on people reporting annual income of at least $1 million.
Read more at WSJ.
{Matzav.com}
There goes the neighborhood.
These fools would tax oxygen if they could manufacture a pulmonary interlock.
the beauty of the NY state budget is that it is so full of pork that you can cut $8 billion without really seeing any difference in how mismanaged the state is!
Apparently, NY State wants to be populated by the lower middle class, and the Welfare recipients.
When that happens, who is going to pay for their neighbors’ handouts?
right, and the trailer parks in the Midwest are filled with entrepreneurs whose taxes are supporting all of the Rettilians all the way to Queen Elizabeth.
So every one who’s doing well who hasn’t yet left will leave.
Bloomberg just put out a report about how much NY is losing due to rich people moving out to lower or no tax states.
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Actually, the two pillars of support for the fascist-socialist Democratic party in NYC have been the welfare recipients and the “woke” Wall Street multi-millionaires. The middle class has been practically pushed out of NYC in the last couple of decades. Therefore, it should only bring a smile of satisfaction, to see the “woke” Wall Streeters getting their just rewards. NYC is beyond repair anyway; all decent middle class people either already escaped or are about to. So, let the socialist-fascists attack the wall-street Useful Idiots. Let the rich liberals pay.