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.”
Gov. Cuomo plan would raise tax for wealthiest New Yorkers to 14.7%, highest combined rate in nation t.co/7Uwv2OhyG3
— CNBC (@CNBC) January 19, 2021
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.
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.