WBFO Albany Correspondent Karen Dewitt reports
Cuomo said in his budget proposal that he needs $15 billion in federal aid to ease a two-year budget deficit largely caused by the COVID-19 pandemic. If he doesn’t get that, one option that he presented is a proposal to create five graduated higher income tax brackets for New Yorkers earning more than $5 million a year. The brackets end with a top tax rate of 10.82% for those who bring in over $1 billion annually.
But the governor said he fears the implementation of that plan could cause the wealthy to leave the state, defeating the purpose of the tax. He said it would raise only a tenth of what’s needed $1.5 billion and when New York City’s income tax is factored in, it would lead taxes to skyrocket for some of the wealthiest taxpayers.
Show him the money: Cuomo uses budget address to rail against feds, threatens lawsuit Denis Slattery
ALBANY Gov. Cuomo presented “best” and “worst” case budget scenarios Tuesday before vowing to sue the federal government should Washington fail to deliver $15 billion in COVID aid.
The governor’s annual budget address turned into an airing of grievances as Cuomo unleashed a verbal assault on the outgoing Trump administration and called on newly empowered D.C. Democrats to help New York balance its books or he’ll see them in court.
“If Washington doesn’t provide New York State with our $15 billion fair share, we will pursue litigation,” Cuomo vowed during the remote presentation in Albany.
New York Gov. Andrew Cuomo unveiled a fiscal year 2022 budget proposal Tuesday with plans to raise taxes if the federal government fails to make the state whole from the losses he blames Washington for regarding the COVID-19 emergency.
Cuomo s Budget Hinges On Getting $15 Billion From Biden s Washington
arrow Cuomo s Budget Director Robert Mujica briefs reporters on the 2022 fiscal year budget on Tuesday afternoon. Darren McGee-Office of Governor Andrew M. Cuomo
The fate of education funding, middle class tax cuts, and higher income taxes for the wealthy all depend on whether the federal government comes to New York s aid, Governor Andrew Cuomo said during his annual budget address on Tuesday afternoon.
In a nearly hour-long address that was scant on budget details but layered with harsh words for the outgoing Trump administration, Cuomo said the state was essentially preparing two budgets: one that assumes that New York would receive just $6 billion from the Biden administration s $1.9 trillion proposed stimulus of which $350 is earmarked for state and local aid and another that accounts for $15 billion, a figure that lines up with the state s current budget deficit over the next two y
React-O-Mat™: Lawmakers, advocates, fiscal experts weigh in on Cuomo s budget address timesunion.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timesunion.com Daily Mail and Mail on Sunday newspapers.