Andrew Rein, president of the fiscal watchdog group Citizens Budget Commission, said, in a statement, that “the tax increases simply are unnecessary and economically risky” and provide incentives for wealthy New Yorkers to leave the state.

The state received $12.5 billion from the recently enacted federal stimulus package, and $10 billion more in federal dollars is going directly to local governments. Rein says the federal aid should have been sufficient for the state to balance its budget and plan its spending going forward to avoid future deficits.