TAX HIKES, DEAD ENDS
Gov. Hochul’s $229 billion budget deal with the Legislature is a mess.
Somehow, lawmakers added $2 billion in spending to the governor’s proposal, meaning spending is 30% higher than it was before COVID.
A lot went wrong — but one of the biggest failures is that Hochul is waving through a billion-dollar-plus tax hike on New York City jobs.
The tax hike is Albany’s supposed rescue for the Metropolitan Transportation Authority, which faces a $2 billion deficit next year.
In February, Hochul proposed to increase a 14-year-old tax levied on downstate employers’ payrolls, from 0.34% of payrolls to 0.5%, raising an extra $800 million a year.
Continue reading the entire piece here at the New York Post
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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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