Some of New York’s wealthiest residents could see a rise in their income taxes if the federal government fails to provide emergency aid to states that are necessary due to the COVID-19 pandemic.
During an interview on WAMC Radio in Albany, Cuomo said that without funding from President Donald Trump’s administration, New York and other states will be forced to levy significant tax hikes, largely on their wealthiest residents.
Cuomo has been critical of the federal government during the pandemic, constantly chiding the administration for its lack of assistance after Trump told governors that it was up to them to combat the spread of the virus.
“If we don’t get funding from Washington, there will be an income tax increase,” Cuomo said in the radio interview.
New York is facing a deficit topping $60 billion, and the Trump administration has played hardball over funding, specifically to New York at times as he and Cuomo have traded barbs both publicly and privately during the pandemic.
“Only the federal government, with its central bank, the world’s reserve currency, and unlimited borrowing authority, has the power to avoid these devastating consequences,” the National Governor’s Association - which is chaired by Cuomo - said in an earlier statement. “It is unconscionable that our federal leaders have failed to act."
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