Millionaire's tax

Karen DeWitt / WRVO News

Some state lawmakers are rejecting Gov. Andrew Cuomo’s proposal to extend a tax on millionaires. Cuomo spent Tuesday rolling out his spending plan to individual groups of lawmakers in private briefings, then at night, released details to the public.

Governor Andrew Cuomo / Flickr

If the state Senate is controlled by Democrats after the election, taxing and spending policies could see some differences. Many Democrats favor extending an income tax surcharge on millionaires when it expires next spring.

New York currently has a temporary income tax surcharge on the wealthy. The additional taxes affect those making more than $300,000 a year, with the rates growing higher for incomes over $1 million, and the highest rate for $2 million or more.

The new state budget that lawmakers are enacting this week contains a tax package that includes both tax breaks and tax increases. The spending plan comes just two months after Gov. Andrew Cuomo  said there would not be any new taxes in the budget.

Even though state lawmakers announced a budget agreement Wednesday, they spent the day Thursday trying to pin down details and print the bills in time to be through over the weekend.

Gov. Andrew Cuomo and legislative leaders agreed to a framework for a new state budget Wednesday evening, but say they are still working out many of the details.

The New York state budget is crawling to a conclusion, as legislative leaders and Gov. Andrew Cuomo continue closed door meetings to try to strike a final deal.

New York state lawmakers are close to agreeing on a new spending plan that would include a deal to raise taxes on the wealthy and raise the minimum wage.  They failed to seal a pact Monday night, but say they will be back Tuesday morning to try again.

Governor Cuomo, in his first day on the job back on January 1st of this year, laid out his position on raising taxes pretty clearly.

“I say no new taxes, period,” Cuomo said on January 1.

 

The governor was answering a question from reporters, in his first media availability as governor, on whether he would support continuing the current surcharge on New Yorkers making $200,000 and up, which includes millionaires and multi-millionaires, when it expires December 31st.  Cuomo expanded on his view point during that session on January 1st.

Governor Cuomo’s budget office has delayed releasing its mid-year budget report and future financial forecast, citing uncertainties over the European debt crisis and delays in collection of some business taxes, due to two hurricanes that hit the state in late summer.

Assembly Speaker Sheldon Silver, a supporter of extending the tax on millionaires, says he believes his side can “ultimately” prevail.