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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
Rockland Budget With 2.9 Tax Hike Adopted Rockland Budget With 2.9 Tax Hike Adopted
Rockland Budget With 2.9 Tax Hike Adopted Rockland County Executive Ed Day thanked the Minority members of the Rockland County Legislature for supporting his vetoes as the county's $709 million budget with a 2.9 percent tax hike was approved. "The Majority's amended budget would have been a return to the days of speculative revenue, over-estimating sales tax revenue and a refusal to modernize county government," said Day. "In short, a budget like theirs could lead us back down the path of deficits and double-digit tax increases; a return to the sins of the past." The vetoes included Legislative amendments that: Included $3.5 mill…

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by Kathy Reakes
Politics
Day Vetoes Amended $709M 2019 Budget Day Vetoes Amended $709M 2019 Budget
Day Vetoes Amended $709M 2019 Budget Rockland County Executive Ed Day used his line-item veto power to strike down 95 amendments totaling several million dollars to the 2019 budget. In vetoing the amended budget, which tops out at $700 million, brought to him by the Democratic majority, Day said the "ill-advised amendments" would have jeopardized the county's plan to dig itself out of a fiscal hole.  “The majority’s amended budget would have been a return to the days of speculative revenue, over-estimating sales tax revenue and a refusal to modernize county government,” said Day. “In short, a budget like theirs could lead…

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by Kathy Reakes