New York Governor Andrew Cuomo is threatening to raise income tax unless more virus-related federal aid is approved.
In a radio interview, Cuomo said, “The [budget] hole is so big that if we don’t get federal funding, you will have to increase taxes on the higher end, you’ll also have to cut services, you’ll also have to borrow and you’ll probably have to lay off.”
Cuomo said it’s very popular to say “tax the millionaires” right now.
He added that even if New York goes up to the highest income tax bracket, referencing California, New York will only make around $2 billion dollars, which is far away from the $30 billion dollar budget gap.
Cuomo has been hesitant to raise taxes on New York’s wealthy, since many have already left the state since the pandemic started.
But New York City Mayor Bill de Blasio has indicated he is more inclined to raises taxes as needed.
Republicans and Democrats still haven’t agreed on another stimulus package, which would impact CCP virus-related federal aid.
