Governor Kathy Hochul, who is now in a primary fight for re-election against Attorney General Letitia James, signaled this week that she opposes higher taxes.
At least for some.
She said that increasing taxes on upper income earners and wealthy New Yorkers could hinder the state’s economic rebound from the coronavirus pandemic.
“I’m not interested in driving people out of state. I believe that we have a right balance right now, I’m not interested in pushing anybody over because those individuals high net worth individuals, allow us to have the revenue generated as well as their many philanthropic contributions, that I need to be able to support the progressive programs I want to have funded,” Hochul said during a recent Q&A.
This upcoming budget process will be her first as the state’s leader. She took office in late-August after former Governor Andrew Cuomo resigned amid sexual harassment allegations.
Earlier this year state lawmakers and Cuomo agreed to a budget that raised taxes on upper income New Yorkers. The money was used to fund increased school aid.
Meanwhile, Hochul says she is more interested in bringing jobs and businesses back to New York.
“I’m attracting people to the state, literally calling CEOs who might be on the hook, I just have to reel him in,” Hochul said. “They asked me about our tax structure in the state of New York, I’m not going to take any steps that are going to hinder my ability to promote New York State is a great place to bring your business or your existing business to expand, I can continue hiring more people, more robust recovery, and raising taxes right now will not accomplish that.”
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