Cuomo and NY Lawmakers Miss Budget Deadline to Debate Taxing Millionaires

    After debating whether to raise taxes on millionaires, the New York state legislature and Gov. Andrew Cuomo missed a April 1 deadline to submit their $200 billion spending proposal, on which they are expected to possibly vote on Monday in Albany. 

    Considering the $23.3 billion in federal relief New York just received from the COVID-19 stimulus, Republicans, many moderate Democrats, Sen. Majority Leader Chuck Schumer, and the nonpartisan Citizens Budget Commission argued that taxes did not need to be raised for additional revenue.

    New York legislators, however, are proposing to increase corporate and income taxes by $4.3 billion, which would make the state’s top earners pay the highest combined local tax rate in the U.S, reported the Wall Street Journal, which added that income-tax rates would rise from 8.82% to 9.65% for single filers reporting more than $1 million of income and joint filers reporting more than $2 million.

   The additional tax revenue is slated to be spent on educational programs, such as statewide pre-K programs, tuition assistance for SUNY and CUNY students, an $1.4 billion increase in school aid.

    Other recipients of the increased tax revenue will be unemployed undocumented workers and small businesses and tenants who are behind on their rent.

      If New York lawmakers do not pass their budget by Monday, they could be delaying Thursday’s paychecks of nearly 40,000 state workers, Comptroller Tom DiNapoli warned.

(Photo: Don Pollard/Office of Governor Andrew M. Cuomo)