Mike’s Musings

Random thoughts, opinions, ideas and prognostications on the day's events.

This guy is such a genius. I guess people aren’t leaving the state fast enough so he wants to give us more incentive to move.

New York Gov. Andrew Cuomo indicated this week that income tax increases in the state were inevitable if the government did not dole out more coronavirus-related aid. “If we don’t get funding from Washington, there will be an income tax increase,” Cuomo said during a radio interview. “The [budget] hole is so big that if we don’t get federal funding, you will have to increase taxes on the higher end, you’ll also have to cut services, you’ll also have to borrow and you’ll probably have to lay off. That’s the scale of this deficit.” Cuomo went on to say that income tax increases are more of a political issue than a financial fix, noting that it’s very “popular” to say “tax the millionaires.” “If we go to the highest income tax bracket in the United States of America, OK, higher than California, which is now the highest – we’re the second highest – higher than California, maybe you make $1.5 billion, maybe you make $2 billion – you’re talking about a hole of $30 billion.” That’s why, the New York governor said, cuts to services, borrowing and other unappealing measures would be necessary to chip away at the remainder of the deficit.

NY Gov. Cuomo promises income tax hikes unless federal aid is approved | Fox Business

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