Cuomo's budget has $1.5B stealth tax hike: Think tank

Pauline Gross
January 20, 2018

Gov. Andrew Cuomo announced Thursday that a total of $5.5 million will be available to help preserve farmland and protect it from development and conversion into non-agricultural uses.

The $1 billion in boosters - also known as taxes and fees - included in the Democratic governor's state budget proposal certainly raise something else: the ire of Republicans.

With a $4.4 billion state budget deficit, Cuomo suggested erasing the gap with "revenue raisers" - new taxes and fees - including a surcharge on opioid manufacturers and a new tax on health insurance companies.

McMahon said the state could easily stop the $1.5 billion increase in state taxes by simply decoupling the relevant section of the state personal income tax law from the new federal tax code's $10,000 limit on state and local tax deductions.

They include one on opioid manufacturers to help the state cover costs associated with the addiction crisis in many NY communities. "Modernizing our airports and transforming them into state-of-the-art transit hubs will keep NY competitive in today's global economy, while providing an improved, more efficient means of travel for residents and visitors for decades to come".

The tax overhaul Trump signed in December caps a deduction for state and local taxes at $10,000-the deduction was previously unlimited-which may increase the federal tax liability for many homeowners in high-tax states such as NY and New Jersey.

Cuomo's plan is to change the state income tax to a payroll tax in which employers pay a tax on wages instead of individuals paying income tax on earnings.

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ALBANY-The Cuomo administration issued preliminary plans for a state payroll tax in an effort to stave off some effects of the federal tax overhaul signed into law by President Donald Trump.

Governor Cuomo has advocated for hard-working New Yorkers since day one, as Republicans in Washington threaten the economic future of New York State.

Cuomo's plan to shift to a payroll tax "makes no sense", said state Sen.

The "Fairness Fix" tax is "arbitrary and discriminatory", and would "damage long-term investing and diminish New York's competitiveness as a global financial hub", said Laura Christof, a spokeswoman for the American Investment Council, a lobbying group for the private equity industry.

"The governor has to take some responsibility for the environment he has failed to correct", said Palmesano.

Faced with soaring health-care costs in state prisons (more than $380 million a year), Cuomo wants to expand parole for seriously ill, elderly inmates. In recent years, virtually all school budgets in the state are approved on the first try.

Other reports by GizPress

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