What the NY State Budget Means, according to the NY Times:
On Tuesday, New York State’s leaders announced that they had reached a deal on a $212 billion budget.
The agreement, which came nearly a week after the April 1 budget deadline, is packed with proposals long favored by Democratic legislators, like raising taxes on the rich.
Much of the budget — which includes aid for renters, undocumented immigrants and business owners — is intended to fuel New York’s recovery from an economically devastating pandemi
The budget still needs to pass the Legislature and be approved by the governor. Here are three key elements in the state’s budget, explained:
Tax hikes for the wealthy and corporations
Despite Gov. Andrew M. Cuomo’s longtime stance against raising taxes on the rich, Democrats managed to include a personal income tax rate increase on individuals making over $1 million and couples earning more than $2 million, and two new tax brackets for incomes over $5 million and $25 million.
The changes are expected to raise more than $4 billion in additional revenue each year, though Republicans have warned that tax hikes could drive wealthy residents out of the state.
If these changes in the budget pass, New York City’s wealthiest residents would face the highest combined state and local personal income tax rates in the country.
The $2.1 billion fund for undocumented workers
The budget will provide one-time payments for undocumented workers who did not qualify for federal stimulus checks or unemployment benefits. Applicants for the fund would have to provide documents to verify their identity, residency and eligibility.
Some Democrats argued against the fund, fearing blowback from moderate suburban voters in 2022. The state Republican Party chairman, Nick Langworthy, slammed the fund, calling it “woke insanity.”
Relief programs for renters and homeowners
The budget carves out $2.3 billion in federal funds for tenants who are behind on rent and at risk of eviction.
The proposed rent relief program would help cover up to 12 months of past rent and utilities costs and three months of future rent for those eligible.
The deal dedicates additional funds to combat housing issues worsened by the pandemic. It includes $250 million for New York City’s public housing authority and $100 million to convert hotels and vacant property into affordable housing.
What it REALLY Means according to me:
Yes, the budget sends money to where it is needed. The Times is right to highlight this.
But the Times Fails to mention that this NY State Budget is almost entirely the work of the NY State Legislature and almost nothing to do with Governor Cuomo.
The project the Governor was most interested in has been entirely gutted. And cut in a way that for the self-interested money grubber that he is probably makes the project a pain in the neck rather than his retirement fund. Here’s the story. Cuomo was pushing a trillion dollar Improve Penn Station plan in which He would control where every dollar went and where He could seize land by way of Eminent Domain. The idea was luxury office towers and luxury high rise condos on land he gives to his Real Estate donors. That’s gone. The project concerns the Railroad Station only and the profits cut to shreds.