Cuomo: New York may raise taxes to get out of the crisis

The tax hike will put New York State at a competitive disadvantage, Gov. Andrew Cuomo said. However, if other options for assistance cannot be obtained, then the rates for wealthy New Yorkers will have to be reconsidered. The edition writes about it Fox News.

Tax hikes for the richest New Yorkers are possible if other aid options don't work. This was announced on September 8 by Governor Andrew Cuomo. “We have a deficit. We don't just have a deficit economy - we have a combination of factors that are hurting New York, ”Cuomo said at a press briefing. "Before we talk about tax hikes in New York or New York State, let's focus on the best options first."

The ideal scenario would be for the federal government to provide aid, Cuomo said, before adding that "Washington is doing nothing."

The second possible solution to the problem is to increase taxes throughout the country. Thus, New York will not be at a disadvantage compared to other states and cities, Cuomo said.

If none of these options are implemented, then there will be a "third level of hell" - an option that includes a combination of tax increases, budget cuts, and potential borrowing.

On the subject: Trump wants to strip New York of federal funding: Cuomo is furious

Cuomo said he hoped lawmakers would take short-term action, or a Joe Biden presidency and a Senate with more Democratic members would provide funding for states and local governments in 2021.

New York, hit by the pandemic, is facing difficult financial times today. The governor noted that the coming years will be even worse.

Cuomo, who is in office for three years, has opposed tax hikes for the rich. Many of them, according to the governor, left Manhattan during the pandemic. A tax hike could result in some of these people not returning.

But New York Mayor Bill de Blasio does not share the governor's opinion. On the contrary, he spoke out in favor of raising interest rates for the rich.

Meanwhile, Republicans this week introduced a new stimulus measure in the Senate after talks broke off last month. The skinny bill does not include state support.

Cuomo believes that state funding has been one of the main obstacles between Democrats and Republicans during the last round of negotiations. White House Chief of Staff Mark Meadows said Democrats were unwilling to negotiate funding for states and local governments.

As previously wrote ForumDaily New York:

• President of the United States Donald Trump ordered to deprive the city of funding, whose authorities are failing to take action to stop violent protests and violence. New York is also on the list, receiving about $ 7 billion a year in federal aid. Trump said he would not allow federal taxpayers to fund lawless cities.
• MTA already statedthat canceling FEMA funding will cost New Yorkers millions of dollars.
• We also remind that federal taxes paid by New Yorkers fell by almost $ 3,4 billion, or 2,4%, in 2018 - the first year of the tax reform developed by Donald Trump. it disproves Governor Cuomo's claims that New Yorkers will pay nearly $ 15 billion more as a result of the law.