Cuomo unveils state budget proposal

Randolph Lopez
January 17, 2018

Andrew Cuomo wants NY to fund a study of the possible impact of legalizing recreational marijuana in the state, the Democratic governor said at his annual budget address on Tuesday afternoon.

Heastie says he agrees with Cuomo's plan to create a pay roll tax to make up for the loss of some state and local tax deductions, in the federal tax overhaul. "It's not even true", said Cuomo.

Between July 2015 and July 2016, NY state lost a net 191,367 residents to other states, the most of any other state.

Among the proposals made Tuesday is a restructuring to the state's income tax code at no harm to workers and employers.

State school aid levels will be determined in the final state budget.

His example would take a $100 employee who paid $5 in state taxes under the 2017 plan to $95 in earnings in 2019.

"Folks were holding back", he said.

Sen. John Brooks (D-Seaford) said he has always supported medical marijuana and agreed with Cuomo's idea to study recreational legalization. The state already has a statute where we get the majority of the revenues.

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Seeing the nuts and bolts isn't necessary to know that a payroll tax is a awful idea. Instead, the state would levy a wage tax on the employer.

"In our deliverables - we'd give (companies) payroll tax reports, and they wouldn't see much difference in their pay stubs", Fish said. Such a change will mean significantly higher taxes for many residents in high-tax states such as NY.

"It's very complex", he said, and only getting moreso. Almost all school districts in Erie County would see Foundation Aid increases of under 2 percent under the Cuomo plan. In his budget speech, Cuomo for the first time fleshed out his plan to further reduce the impact of the federal law by changing the way the state taxes wage earners' income. Again, it would allow taxpayers to shift their payments away from federal taxes.

The state Department of Taxation will spell out more details Wednesday, he said.

The governor did not outline any plans to the problems related to the state's high property taxes, but presented what he believes will bring in $1 billion in new revenues.

"To just sit and do nothing and have the federal government just continue to pick the pockets of New York State I think would be wrong, " Heastie said.

Local legislators were not impressed by the plan.

Meanwhile, education aid will increase about $769 million, or 3 percent. "In order to avoid the fiscal cliff that we are quickly approaching, we need a plan that drastically cuts spending and reshapes our tax code to make NY affordable for families and businesses alike".

Other reports by GlobalViralNews

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