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State budget hangs on hefty tax increases for millionaires, billionaires in New York

In theory, there should be a state budget by early-April.

Gov. Andrew Cuomo has touted a strong record on getting timely budgets passed. While that hasn’t always been the case, it has mostly been true over his tenure.

That said, there are pretty significant issues looming as New York State approaches the period of time when the new budget is ultimately adopted.

Three-way negotiations between the Senate, Assembly and the governor’s office have been going on for weeks.

A major sticking point, right now, is the issue of increasing taxes on millionaires in New York. Lawmakers want to press forward, even though the state received enough funding to balance the budget in the last COVID relief bill.