One of the key issues in the New York state budget is centered on proposed tax hikes in the one-house budgets.<\/p>\n
Just one day before the state budget deadline and shortly after Gov. Kathy Hochul signed an extender to fund the government through April 7,\u00a0Republican state Assembly Minority Leader Ed Ra voiced his disappointment in the Legislature\u2019s failure to pass the state budget on time.<\/p>\n
A key sticking point is taxing the rich.<\/p>\n
\u201cWhen you start to talk about New York City and you add in the local corporate tax, local personal income tax, it would be a disaster for New York City to raise those taxes and drive more businesses out,\u201d said Ra. \u201cWe already have the worse business climate in the country. We\u2019re consistently ranked that way, and more taxes isn\u2019t going to fix that. Albany has a spending problem, not a revenue problem.\u201d<\/p>\n
Both Democratic one-house budgets give New York City the green light to increase its tax revenue allocating about $5 billion to the city, which is enough to close the current gaps and prevent cuts to vital services.<\/p>\n
\u201cWhen you look at New York City, people talk about the budget gap of around $5.4 billion that needs to be closed in the upcoming budget, and we have the answer right here,\u201d said Democratic state Sen. Jabari Brisport, chair of the Committee on Children and Families. \u201cTwelve billion [dollars] in personal income tax cuts for New York\u2019s wealthiest from HR1 last year, tens of billions of dollars in Wall Street bonuses in the pockets of the rich this previous year. The money is right there of everything we need to take care of our New Yorkers.\u201d<\/p>\n
The state Senate\u2019s proposal includes a 0.5% income tax surcharge on the state\u2019s top two income brackets. Those currently stand at 10.3% for income between $5 million and $25 million, and 10.9% for income over $25 million.<\/p>\n
The state Assembly\u2019s proposal increases taxes on about 14,000 New Yorkers earning more than $5 million a year.<\/p>\n
Gov. Kathy Hochul has repeatedly ruled out raising income taxes, but not a tax hike on corporations. Both one-house budges include them.<\/p>\n
The conversation over how lawmakers will move forward is still up for discussion.<\/p>\n
\u201cWe really haven\u2019t started talking about the money part,\u201d said Democratic state Senate Minority Leader Andrea Stewart Cousins. \u201cOur one houses express our willingness to make the uber wealthy pay a little more. We\u2019re willing to have corporations that are doing well pay a little bit more because we\u2019re in a time where not only are there the threats from Washington, but we have needs that we need to meet.\u201d<\/p>\n
As billboards pressuring Gov. Hochul to tax the rich go up along highways in Albany, a new Siena University poll takes the temperature of how New Yorkers feel about taxing the rich.<\/p>\n
\u201cThe answer is a clear \u2018yes.\u2019 Fifty-three percent of voters say \u2018absolutely, yes, the Legislature and governor should pass that bill,\u2019\u201d said Steven Greenberg of the Siena Research Institute at Siena University. \u201cOnly 30% of New Yorkers say \u2018no.\u2019 Those are statewide numbers. If we look at just New York City alone, 64% of New York City voters say \u2018yes.\u2019\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"One of the key issues in the New York state budget is centered on proposed tax hikes in…\n","protected":false},"author":2,"featured_media":181579,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[109,116,3365,9,11,10,49,12,5304,112,87,4281,27,200],"class_list":{"0":"post-181580","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-app-local-state-politics","9":"tag-app-ny-state-of-politics","10":"tag-economy","11":"tag-new-york","12":"tag-new-york-headlines","13":"tag-new-york-news","14":"tag-new-york-state","15":"tag-news","16":"tag-nicole-neuman","17":"tag-ny-state-of-politics","18":"tag-politics","19":"tag-state-budget","20":"tag-top-stories","21":"tag-vod"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/181580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=181580"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/181580\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/181579"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=181580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=181580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=181580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}