UPDATED 7:45 PT – Thursday, December 10, 2020
New York State Democrat lawmakers said they’re looking at new and higher taxes to address a ‘massive’ budget deficit caused by the pandemic.
According to Thursday’s reports, lawmakers discussed approving tax hikes, cutting spending, or implementing both of these options in their meeting on Wednesday.
This also includes considering higher taxes on the state’s wealthy residents as well as the legalization of marijuana and mobile betting.
In a news briefing on Wednesday, New York Gov. Andrew Cuomo (D-N.Y.) said that the state will likely see tax increases regardless of what the government does in terms of aid.
New York Gov. Andrew Cuomo said the state will need to raise taxes to cover a projected multibillion-dollar budget deficit, even if Congress approves more funding as part of a coronavirus relief bill https://t.co/cqidzXiVux
— The Wall Street Journal (@WSJ) December 10, 2020
“Unless the federal government is truly responsible and accountable, and really gives New York the funding it deserves, you’ll see tax increases,” Cuomo said. “You probably will see tax increases in any event, pardon my skepticism about Washington.”
This came amid reports of New York city’s chapter of the ‘Democrat Socialists of America,’ which called on voters to back a ‘Tax the Rich’ campaign to the tune of $50 billion in tax hikes.
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