Cuomo continues opposition to increased taxes on wealthy New Yorkers

New York Gov. Andrew Cuomo at press conference.
New York Gov. Andrew Cuomo at press conference.
Mike Groll / Office of Governor Andrew M. Cuomo
Gov. Andrew Cuomo remains resistant to raising taxes on wealthy residents.

Cuomo continues opposition to increased taxes on wealthy New Yorkers

The state legislature may end pushing for a tax increase on high-income residents to fill the budget gap.
July 30, 2020

New York state’s multibillion-dollar budget shortfall leaves two options: raise more revenue or cut back spending.

Gov. Andrew Cuomo has opted to pressure Congress to approve aid for the state while freezing or cutting spending so far. Nonprofits that contract with the state are facing delayed payments and financial uncertainty as a result. And New York has already begun to withhold funding for mental health and substance abuse treatment providers, though other services will also likely see cuts without federal funds.

While some have proposed raising taxes on wealthy New Yorkers to offset the state’s financial burden, Cuomo has continued to oppose those proposals, The Buffalo News reports. 

The governor expressed concerns that rich residents may opt to leave New York and that raising revenues in such a way wouldn’t even come close to offsetting the state’s budget gap, which he placed at $14 billion on Wednesday. 

State Senate Majority Leader Andrea Stewart-Cousins has now indicated openness to increasing taxes on high-income residents, however. “We are all hurting and this crisis calls for multimillionaires and billionaires to help our state shoulder this extraordinary burden,” she said, noting that Senate Democrats have been researching possible proposals for raising revenues for several months. This may set up a possible clash among Democrats in the state Legislature soon, who may be feeling extra pressure as Republicans in the U.S. Senate excluded unrestricted state aid in their coronavirus relief proposal.

NYN Media reporter Kay Dervesh
Kay Dervishi
is a staff reporter at NYN Media.