ALBANY, N.Y. (AP) — New York Gov. Andrew Cuomo says he opposes raising taxes on the wealthy to help the state weather the coronavirus economic crisis, though its clear federal aid alone won’t solve the state’s fiscal woes.
COVID-19 shutdowns have decimated consumer spending and tourism in New York and observers warn of a slow recovery. Cuomo’s administration is projecting a $13 billion drop in tax revenues through next April.
Democrats and liberal groups including VOCAL-NY say tax hikes on the wealthy for years will help balance New York’s devastated economy.
Cuomo argues any tax hikes in the high-taxed state could drive away wealthy New Yorkers in a pandemic and jeopardize sorely needed revenue.