Governor Andrew Cuomo’s Office
Deals to raise taxes on New York’s millionaires and companies could send both fleeing the state, business leaders and fiscal experts warn unless Washington steps in and restores some old deductions.
Even as legislative leaders and Gov. Andrew Cuomo had yet to officially seal an agreement on New York’s second straight pandemic budget, all indicators pointed to the state levying the country’s biggest income tax on the wealthy.
The $4 billion-plus income tax increase would mark at least a partial victory for progressive Democrats, who argued that well-heeled New Yorkers and companies that prospered during the pandemic should foot a bigger share of the tab for increased spending to help those staggered by the crisis.