Why Cuomo’s Latest Tax Hike Proposal Would Accelerate New York’s Decline

People are already fleeing the state in droves. You can expect that to speed up if Cuomo gets his way on his latest ‘tax-the-rich’ proposal.

New Yorkers had a rough, rough 2020. Governor Andrew Cuomo’s latest proposal would make 2021 even worse.

“New York Gov. Andrew Cuomo proposed raising taxes on the wealthy to a combined level of 14.7%, which would be the highest state-and-local tax rate in the nation,” CNBC reports. “The tax increase would raise $1.5 billion for the state, Cuomo said Tuesday in an address unveiling his 2022 budget proposal.”

 

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The tax increases would apply to those who earn more than $5 million a year. If implemented, New Yorkers would officially beat California for the top state and local tax rate in the nation; the Golden State currently comes in at 13.3 percent.

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Governor Cuomo says the tax increases are necessary because unless the federal government passes a full bailout for the $15 billion state budget hole New York has created, it will have a large deficit to plug.

“New York cannot manage a $15 billion deficit,” Cuomo said. “It’s beyond what we can do.”

The governor favors hiking taxes on “the rich” rather than closing the budget gap solely by cutting spending.

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