Cuomo Warns He May Raise Taxes Across New York State
Gov. Cuomo warns he may be forced to raise your taxes.
Gov. Andrew Cuomo presented two budget options for the 2022 Executive Budget. The first option would support New York State's ongoing war against the pandemic and aggressive post-COVID reconstruction plan. The second option, absent $15 billion in federal funding, would cause pain for New Yorkers by forcing the state to raise revenue, cut expenses and borrow, officials say.
Which option is chosen depends on the level of funding the federal government provides to New York following the devastating economic impact of Washington's failed COVID-19 response, Cuomo said. Cuomo is hoping the federal government will provide New York State with $15 billion in federal funding.
"The story of COVID has many chapters - we launched the battle last year and now we must not only finish it, but begin an aggressive post-COVID reconstruction," Cuomo said. "We are in a different time and a different world than just one year ago and we shouldn't be surprised that this budget will look different. We have a plan in place, a strength that we have not had before and I believe our future is bright, but Washington must act fairly if we are to emerge on the other side of this crisis. Despite the federal irresponsibility, which allowed COVID to ambush our state, New Yorkers are ready to begin rebuilding, but for that to happen, we need SALT repealed and $15 billion in rightfully deserved federal aid - and we need it now. After years of federal hostility, I believe the stars are lined up for that to change - we just need to do it. We built the greatest state once before and I know that we will do it again."
Cuomo believes the Biden administration will help New York State. He claims the Trump administration used New York State and took billions from the state over the last four years. Cuomo said Democrats taking control of the U.S. Senate "changes everything for the nation" and the state of New York.
The Governor also reiterated his call on federal partners to repeal the harmful State and Local Tax policy - or SALT cap- that cost New Yorkers over $30 billion over the last three years and amounted to the first double taxation in history. The average cost of SALT cap to New York households is $2,600 per home.
If New York receives $15 billion in federal aid highlights of the 2022 Executive Budget include:
- State Operating Funds spending is $103.4 billion
- All Funds spending $192.9 billion for FY 2022
- Provides $31.7 billion in School Aid
- Provides $7.5 billion in State support for higher education in New York