Will Tax Hikes Help or Hurt New York s Economy? PUBLISHED 4:32 PM ET Apr. 06, 2021 PUBLISHED 4:32 PM EDT Apr. 06, 2021
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New York s tentative $212 billion budget raises taxes by $4 billion, a burden being carried by businesses and some of its wealthiest residents. The tax increases come as New York is working to cut through a recession induced by a pandemic that has killed tens of thousands of people, shuttered businesses, and thrown 2 million people out of work.
For business organizations, it s yet another sign New York is a costly state to operate in. For progressives, the budget could be a rising tide that lifts all boats.
PUBLISHED 5:28 AM ET Feb. 10, 2021 PUBLISHED February 10, 2021 @5:28 AM
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A progressive-leaning think tank on Wednesday is set to release its budget and fiscal outlook for New York as the state s finances have been stress test by the COVID-19 pandemic and amid an ongoing debate over raising taxes on wealthy residents.
The Fiscal Policy Institute s annual report backed a variety of new and increased taxes on upper income earners and businesses, including an unearned income surcharge, a corporate tax surcharge, a Global Intangible Low-Tax Income, a pied-a-terre or second home tax and a stock transfer tax.
New York is seeking $15 billion from the federal government to shore up revenue lost during the pandemic.
By Tom Precious
News Albany Bureau Chief
ALBANY â It was only 12 months ago, in his annual State of the State address, that Gov. Andrew M. Cuomo declared that âour ship of state is stronger than it has been in decades.â
A year later, under the weight of the Covid-19 pandemic, which has killed nearly 39,000 New Yorkers, shuttered businesses and left the finances of families as well as state and local governments in tatters, Cuomo gives his 11th State of the State on Monday. It will be followed by additional speeches on specific topic areas until Thursday.
Yet, Cuomo, like governors before him facing enormous challenges, can be expected to give an obvious bow to the troubles facing the state while providing a path, however murky it might seem, to better times.