Millionaire's tax

Karen DeWitt / WRVO News

Gov. Andrew Cuomo and legislative leaders plan to meet all week, but no agreements are finalized yet on a state budget that’s due Friday.

Karen DeWitt / WRVO News

Proponents of raising taxes on New York’s wealthiest say they have a new impetus to increase the state’s revenue — the continued bad news from Washington about deep federal cuts to health care and other areas.

Assembly Speaker Carl Heastie has called an amendment to the federal repeal of the Affordable Care Act that would force the state to pick up county Medicaid costs “unconscionable.”

Karen DeWitt / WRVO News

The next two weeks at the New York State Capitol are going to be very busy as lawmakers face the deadline for a new budget. Several issues remain unresolved.

Karen DeWitt / WRVO News

The New York State Senate and Assembly will release their one-house budgets this week, as the March 31 deadline for a new spending plan draws near. They’ve already given some hints as to what the plans will include.

Senate Republicans are rejecting, for now, Gov. Andrew Cuomo’s extension of a tax on millionaires. They say they also are against pretty much all of the other taxes and fees in the governor’s budget, including a proposed new tax on internet purchases, a surcharge on prepaid cellphones and higher fees at the Department of Motor Vehicles.

-JvL- / Flickr

State Assembly Speaker Carl Heastie is proposing new income tax brackets on New York’s wealthiest, with a top tax rate of over 10% on those making more than $100 million a year.

The new tax brackets proposed by Assembly Democrats would raise rates on those making more than a million dollars a year, as Gov. Cuomo has outlined in his budget. But new, higher rates would apply to those who make more than $5 million, $10 million or more, with a top bracket of 10.32% for New Yorkers who earn more than $100 million a year.

Onasill ~ Bill Badzo / Flickr

One of the chief arguments over the state budget will be whether to renew an income tax surcharge on New York’s wealthiest.

The state is facing a $3.5 billion deficit, and Gov. Andrew Cuomo wants to add a billion dollars to the state’s public schools. He also wants to offer free tuition at public colleges for families making less than $125,000 a year.

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.