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


About the Author

E.J. McMahon

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

Read more by E.J. McMahon

You may also like

Kathy Hochul’s call for 5.4M Republicans to leave New York is dangerous and disgusting

Gov. Kathy Hochul, who hasn’t proven shy about issuing orders, had one for the state’s Republicans this week Read More

Cuomo’s dug New York into a giant tax trap

Cuomo has further boosted the state’s already heavy reliance on taxes paid by income millionaires. This has made Albany’s revenue base more fragile and volatile — a problem aggravated by the new federal cap on state and local tax deductions, which effectively raises total tax rates for New York’s highest earners. Read More

How to pay for New York’s biggest tax cut in decades

New York's new state budget includes the biggest permanent "middle class" income tax cut in 20 years. Gov. Cuomo and the Legislature can pay for it by restraining spending and enacting more tax reform. Read More

A better way to help the working poor

Gov. Andrew Cuomo's campaign for a statewide $15-an-hour minimum wage is based on the assertion that "no one who works a full-time job should be forced to live in poverty." Few would disagree. But here's the thing: No one who works a full-time job in New York has to live in poverty — thanks largely to a program pioneered at the state level by the governor's father. Read More