nydailynews.com nydailynews.com 21 Dec, 2020 11:15 am

Down to brass tax: Gov. Cuomo is right in a fiscal standoff with the state Assembly speaker

Down to brass tax: Gov. Cuomo is right in a fiscal standoff with the state Assembly speaker
Gov. Cuomo and Assembly Speaker Carl Heastie both seem resigned to the fact they may have to raise taxes soon to fill what’s currently a $15 billion crater in the state budget. Where they seem to disagree is on the timing — with Heastie urging his members to convene before the calendar turns to 2021 to hike taxes on the rich, and Cuomo urging them to wait and negotiate tax increases as part of the overall budget.

xml:space="preserve"> xml:space="preserve"> Heastie is too hasty, Cuomo is right to wait.That deficit may shrink if, fingers crossed, Congress and President-elect Biden pass a healthy aid package with aid for states, or if sales and other tax revenue come in higher than the state’s gloomy predictions.Already, nearly half New York’s operating budget is paid for by $50 billion in annual personal income tax revenue, and more than half paid by the top 2% of earners, some 188,000 people.Cuomo and Assembly Speaker Carl Heastie both seem resigned to the fact they may have to raise taxes soon to fill what’s currently a $15 billion crater in the state budget.

Heastie contends an untested part of state law requiring advance notice to raise taxes compels legislators to vote before midnight on Dec.The state budget is $177 billion; look harder than ever for savings across all agencies.

Read full story at nydailynews.com