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Fiscal Policy

Politics
Cuomo Proposes Raising Taxes On Wealthiest NYers Cuomo Proposes Raising Taxes On Wealthiest NYers
Cuomo Proposes Raising Taxes On Wealthiest NYers With New York facing a record-setting $15 billion deficit amid the COVID-19 pandemic, Gov. Andrew Cuomo’s budget proposal includes a potential tax hike for the state’s wealthiest residents. In his budget proposal this week, Cuomo proposed raising taxes on the rich to a combined level of 14.7 percent, which would be the highest state and local tax rate in the nation as New York looks to dig out of the financial hole created during the pandemic. The top tax rate would rise to 10.86 percent, up from 8.82 percent, making it the highest income tax in the nation. It would only impact those making…

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by Zak Failla
Politics
Cuomo Blames Trump For $2.3B State Budget Shortfall, Eyes Infrastructure, Education For Cuts Cuomo Blames Trump For $2.3B State Budget Shortfall, Eyes Infrastructure, Education For Cuts
Cuomo Blames Trump For $2.3B State Budget Shortfall, Eyes Infrastructure, Education For Cuts Largely blaming the new federal tax code signed into law by President Trump, New York Gov. Andrew Cuomo announced that the state is facing a shortfall of more than $2 billion in revenue after December and January saw a drop in income tax. Since announcing his $176 billion budget plan last month, Cuomo said that the state income tax revenues have dropped by $2.3 billion in December and January, which may force the state to limit spending. The governor attributed the decline to “the federal tax legislation's elimination of full state and local tax deductibility, which disproportionately impact…

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by Zak Failla
Politics
Latimer Says County Faces 'Fiscal Mess' Due To $32 Million Budget Deficit Latimer Says County Faces 'Fiscal Mess' Due To $32 Million Budget Deficit
Latimer Says County Faces 'Fiscal Mess' Due To $32 Million Budget Deficit This story has been updated. County Executive George Latimer said that as anticipated, Westchester's operating budget has a deficit of more than $32 million. Latimer, a Democrat from Rye, said on Tuesday, June 26 that he inherited shaky financial conditions former County Executive Rob Astorino of Mount Pleasant. Latimer said: "Our Administration took office on Jan. 1, 2018; we have inherited this 2017 deficit from the prior Administration, and it negatively impacts our current 2018 budget, and projections for the 2019 budget which will be in preparation beginning this summer." W…

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by Jon Craig