Just a year after the Empire State was clobbered by the coronavirus, New York’s Legislature confronts an embarrassment of revenue riches. State taxes have rebounded more strongly than expected from the pandemic meltdown — capped by a massive injection of $12.6 billion in no-strings-attached federal stimulus funds.

Yet among their budget priorities for the fiscal year starting April 1, the Democratic super-majorities in the state Assembly and Senate want to raise $7 billion or $8 billion more in new taxes — mostly from a few thousand multimillionaire earners who already generate a disproportionately large share of the state’s revenue.

Read the full commentary, published by the New York Post, here.

© 2021 New York Post

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About the Author

E.J. McMahon

Edmund J. McMahon is Empire Center's founder and a senior fellow.

Read more by E.J. McMahon

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