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Democratic lawmakers back new taxes on rich to plug state budget gap

Democratic state lawmakers from the Rochester area are backing a package of bills that would raise taxes on wealthy New Yorkers. Assembly members Harry Bronson, Jen Lunsford, Sarah Clark, and Demond Meeks, along with Senators Jeremy Cooney and Samra Brouk joined together during a Zoom call to announce their support for the Invest in Our New York Act. The series of six bills would place a number of new taxes on the wealthy and would raise between $71 and $94 billion in the first year, according to the lawmakers. New York state is facing a $15 billion for the current year’s budget, which is expected to snowball into a $63 billion shortfall over the next four years, according to a mid-year budget update from Gov. Andrew Cuomo’s administration. The Invest in Our New York Act is intended to fill in the gap, fund vital resources, and provide revenue for the state’s reserve funds.