State Senate Majority Leader Andrea Stewart-Cousins said Tuesday that raising the $ 8 billion tax would help New York recover from the “cataclysmic” effects of the coronavirus epidemic.
Stewart-Cousins (D-Yonkers) defended the Democratic-led Senate’s proposed taxable hikes, despite the state’s Coffers receiving $ 12.66 under the $ 1.9 trillion COVID-19 stimulus package in federal promulgation of wealthy income taxpayers , Is proposed on investors and corporations.
“We are asking people who need to do more to help us recover,” Stewart Cousins said during a virtual press briefing with reporters.
He said, “So much needs to be done.” I believe that we are setting ourselves up for recovery, not for some, but for everyone.
She praised federal aid to help New York “heal” from the devastation caused by the epidemic. But he said it was not enough to meet the pressure needs of citizens or to bring Albany to a stable financial position.
The us Senate Majority Leader in Congress Senate Charles Schumer said federal aid going to Albany wipes out the state’s projected budget deficit, suggesting state tax hikes are not needed.
The nearly identical tax increases proposed by fellow Democrats in both the state Senate and Assembly are a major challenge to reduce spending by more than 20 percent, undermining the less-than-prolific Gandhi-Andrew Gomo.
For the first time during his decade-long term in office, Cuomo faces a possible veto-proof majority in both houses of the legislature, which prevents any budget bill from being rejected – if Democrats stay together.
Stewart-Cousins said he has not even personally spoken to the governor about adopting a new budget, which is scheduled to take place on 1 April. He had previously called Cuomo to his COVID-19 twin nursing home and to avoid sexual harassment charges.
Cuomo’s executive budget plan, released in January, proposes to tax the rich at a top rate of 8.82 percent to 10.8 percent to generate $ 1.52 billion. But before that, the federal relief package would have directed $ 12.6 billion to the state exchequer.
The Senate and Assembly plans would raise the top income tax rate on the super-rich to 11.85 percent, and include a 1 percent tax on capital gains, a three percent increase in corporate franchise tax, and a double-digit jump in real estate taxes. .
During an event on Long Island Monday, Cuomo warned about going overboard with the tax hike.
“This is a very delicate moment…. There are important proposals to increase revenue. How can you increase revenue, actually increase revenue or make you spend revenue, ”said Cuomo, who has resisted calling step-by-step.
“If you’re not careful with how to do it, you could actually lose money for the state because businesses and residents will make changes,” he said.
Business leaders and some budget watchdogs have said that raising taxes is unnecessary and retaliatory and that taxpayers and businesses will have to flee.
But Stewart Cousins dismissed those concerns on Tuesday.
Stewart-Cousins said, “We need to do a lot more in these extraordinary times.
“We have seen inequality in education and health care…. Businesses have been affected. People are trying to hold on to their housing for dear life. Their home for dear life
He said the state would have to spend on education, housing, health care and other needs “the way we need to.”
Many local government officials – Mayor Bill de Blasio among them – abolished legislative spending plans, and raised tax to support them, as the first step to help their constituents overcome epidemic-fueled spending. Advocates for schools, health care and housing services also withdraw proposals.
“I thank Senate Majority Leader Stewart-Cousins and Assembly Speaker Hettie for fighting for the working people, and I look forward to continuing the fight for the state budget to provide our city with a recovery for all of us Keeps on a path, ”Blasio said.
But Nick Langworthy, chairman of the state Republican Party, claimed on Tuesday that tax increases to fund those services would do good harm.
“It would have the unintended consequence of declaring our tax base because Democrats never accept the real truth that our state’s tax base is dependent on high-income income,” Langworthy said.
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