Gov. Andrew Cuomo and legislative leaders on Tuesday announced a deal on the state’s long-overdue budget. It roughly includes $4 billion in new taxes, legal sports betting, legal marijuana even though we can’t test them for drugs when they drive, and unemployment benefits for illegal immigrants. There is a $2.1 billion “Excluded Workers Fund” for illegal immigrants.
The $212 billion spending plan, which was due April 1, an extra $18 billion from last year. They blame COV, but they are getting a huge bailout.
HE’S AN ECONOMIC ILLITERATE
Cuomo spends money we don’t have on useless projects.
“Thanks to the State’s strong fiscal management and relentless pursuit to secure the federal support that the pandemic demanded, we not only balanced our budget, we are also making historic investments to reimagine, rebuild and renew New York in the aftermath of the worst health and economic crisis in a century.”
Cuomo is going to continue funding for a $311 billion infrastructure plan that he called the largest in the country, as well as a “groundbreaking program to provide affordable internet for low-income families” and police reforms that he said would improve public safety.
They have a wealth tax. The tax hike will impose a roughly 1 percent increase on New Yorkers who make more than $1 million a year and establishes new tax brackets for the state’s highest earners.
Cuomo plans to raise the tax rate for the wealthiest New Yorkers to a top rate of 10.86%, up from 8.82%.
New York City residents would pay a top rate of 14.7% in state and local taxes, the highest income tax rate in the nation, Cuomo said Tuesday in an address unveiling his 2022 budget.
The state’s corporate franchise tax will also rise to 7.25 percent from 6.5 percent for three years, though the rate will remain the same for companies that make under $5 million.
When he runs out of their money, it will hit the middle class. And the wealthiest New Yorkers will simply take their money out of New York or create fewer jobs.