New York City business leaders slam Albany’s plans for higher taxes
Crain’s New York Business
“Taxing the rich has become a way to redistribute wealth. It’s a fight against income inequality, not the Covid deficit,” said Kathryn Wylde, chief executive of the Partnership for New York City. “The Covid deficit has been filled by the federal government and by better-than-expected tax revenues.”
The federal government is providing $12.5 billion to the state government. The Citizens Budget Commission has estimated the state will run a $5.9 billion surplus during the next two fiscal years.
The state budget proposed by the Legislature looks to spend $208.3 billion in the next fiscal year, an increase of nearly 18% from the $177 billion this year.