Cuomo Calls for Federal Income Tax Hikes to Bail Out NY

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Posted by Sheridan Nolen on Monday, January 11th, 2021, 4:51 PM PERMALINK

Looking to fellow Democrats who recently took control of Washington, Gov. Andrew Cuomo called upon President-Elect Joe Biden and Congress to bail out the state of New York during his 11th annual State of the State address this morning. 

“If the federal government needs revenue, it should raise income taxes on the wealthy to finance the state’s resurgence from this national devastation. That is basic economic justice and economic prudence,” said Gov. Cuomo.  

With Democrats holding the White House, Senate, and the House for the first time in over a decade, tax hikes are a major threat. Included in Biden’s tax plan is a substantial tax increase on high-income-earning Americans. In short, Gov. Cuomo’s dream of a state bail out by Washington doesn’t seem too far-fetched.  

Groups on the left are pushing for New York State tax hikes still, even as Cuomo questions how much revenue they would raise. Some pointed to data from A Strong Economy for All, a coalition of labor unions and community groups across New York State, that suggest a California-style 13.3% income tax rate on higher earners would generate $22 billion.  

It appears Gov. Cuomo wants to place the blame of his mistakes on the federal government – and wants Washington to fix his terrible handling of the pandemic, too.  

Photo Credit: Pat Arnow

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