They join the coming effort by Joe Biden to raise taxes of the rich and corporate world to pay for his Infrastructure/Jobs/Social Safety Net Bill….The tax increases also involve mobile sports betting…
New York lawmakers and Gov. Andrew Cuomo were nearing a budget deal Sunday that would raise about $5 billion in a year in new revenue through higher taxes on the rich and legalizing mobile sports betting.
The infusion of cash would be used to fund record spending on education, expand full-day pre-kindergarten, restore $400 million in middle-class tax cuts and provide $2.4 billion in aid to tenants and landlords amid the COVID-19 pandemic.
The package was coming together late Sunday as the sides look to pass a $200 billion budget in the coming days after missing the deadline to have a spending plan at the beginning of the fiscal year, which started April 1.
The details, obtained by the USA TODAY Network New York, would achieve the some of the priorities of the Democrat-led Legislature, who have been pressing Cuomo to support higher taxes on the wealthy, despite $12.6 billion in federal aid to help New York close its $15 billion budget gap over the next two years.
“This budget process is a major opportunity to help lead New York through the ongoing dark days of the COVID-19 pandemic and lay the foundation to grow stronger in the future,” Senate Majority Leader Andrea Stewart-Cousins, D-Yonkers, said in a statement last month.
Under the proposal being discussed, the top personal income tax rate would increase from 8.82% to 9.65% and establish two new brackets of 10.30% percent for incomes between $5 million and $25 million and 10.9% for incomes over $25 million. The Wall Street Journal first outlined the new brackets earlier Sunday.
In all, lawmakers hope the tax increases, which are not expected to include higher estate or capital gains taxes, and about $500 million in revenue from mobile sports betting would bring in about $5 billion to fund their spending priorities….
Please note that NY Gov Cuomo is working on Good news in signing a bill to rise taxes on the rich…
He has also signed the bill to decriminalise recreational mairijana….
In do so?
He is working the same politician’s that will sit in judgement
in His bezhavior scandals that have taken a back seat to other news….Gaetz is actually making Cuomo look like a novice….