"What I want to make sure we are smart about is having a system in place where it's not just taxing for the sake of taxing. I need people who are high net worth to support the generous social programs that we want to have in our state right now."
"The ends justify the means. It's not so much about taxes or which taxes. It's, 'Do we have enough money or' [incomplete quote from Assembly Speaker Carl Heastie regarding the necessity of revenue measures]"
"Today is the end of the beginning. And Monday is the beginning of the middle."
New York's state legislature and Governor Kathy Hochul are engaged in budget negotiations with significant policy disagreements. The Assembly and Senate each passed alternative budget resolutions as counterproposals to Hochul's $263 billion spending plan. The governor argues the state has sufficient revenue from strong Wall Street performance to fund social programs like child care subsidies without tax increases. However, lawmakers propose raising taxes on high-income earners above $5 million and increasing corporate tax rates from 7.25% to 9%. Both chambers also included tax changes for New York City to address its $5.4 billion deficit. Negotiations are expected to continue over the next two weeks before the fiscal year ends on March 31.
Read at Gothamist
Unable to calculate read time
Collection
[
|
...
]