Gov. Hochul pledged Wednesday not to raise taxes on the middle class. As she said, “it’s not a news flash that New Yorkers already believe they pay too much.”
So what did she do in her massive $227 billion budget? Raise taxes on the middle class.
New York, for now, isn’t wanting for fiscal resources. Tax revenues for the fiscal year ending in March are $5.9 billion higher than expected, for a total of $116.3 billion — 11.1% higher than last year. (The rest of the state budget comes from federal funds, plus various fees.)
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Nicole Gelinas is a senior fellow at the Manhattan Institute and contributing editor at City Journal. Follow her on Twitter here.
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