The New York legislature just approved a seven billion dollar tax hike for the “eeevil rich” and statewide businesses.
This is a brilliant plan with lots of well thought-out, practical ideas. The legislature is insuring the financial security of this state for years to come
The tax increases come despite a $100 billion avalanche of fresh federal aid to New York, including $12.6 billion directly to state government coffers.
So instead of giving the citizens and businesses a break for once, New York is going to bleed the rich dry and raise taxes on businesses who haven’t been fully running for over a year.
Assembly leaders crowed in a press release Sunday that state lawmakers are proposing a $208.3 billion budget for the next fiscal year. Their plan includes a 22.6 percent increase in spending — or $16.9 billion — over last year. That’s more than 10.5 percent higher than what Gov. Andrew Cuomo is proposing.
To help cover the new proposed expenses such as rent for “New Yorkers who do not have access to unemployment, federal stimulus funds and other assistance programs’’ — including illegal immigrants — the pols said they want to raise the nearly $7 billion in new revenue through the taxes.
Living where I do, I have been to New York City multiple times. There are some amazing places in the city, and I’ve been lucky enough to see a Yankees game at the old park as well as the new. I’ve been to MSG to see the Rangers, and have been to the Empire State Building, Statue of Liberty, and other amazing locales.
That said, nothing good will come of this legislation. The wealthy will simply pack their bags and head south – probably Florida, ironically – and the businesses will either relocate or shutter their doors forever. Everyone has been hurt by the Chinese Wuhan Virus – even the eeevil rich – and most people will start looking for less oppressive places to live.
I feel awful for those living there, but New York can burn to the ground for all I care.