Federal Stimulus Doesn't Stop Albany's Push for More Tax Increases

Despite nearly $13 billion in federal aid made out directly to New York State, Albany lawmakers have proposed new bills that would generate billions in new tax increases for this year’s State Budget.

Over the weekend, the Assembly and Senate Democratic majorities introduced their 2021-22 Budget proposals that included $7 and $8 billion in revenue increases, respectively. The proposals include a mix of income tax, estate tax, and other revenue increases. The Assembly’s proposal alone would increase overall spending by nearly $16 billion.

Gov. Cuomo has taken a more fiscally restrained approach to budgeting this year, but it may be difficult for him to block proposals by the Legislature since it’s the first State Budget in which Democrats hold supermajorities in both houses.