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Long Island News

Gov. Cuomo Presses For Millionaire's Tax

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Mike Groll
/
AP

In New York lawmakers are revving up for state budget negotiations. Governor Andrew Cuomo says his chief goal will be to get an extension on what’s known popularly as the millionaire’s tax.

Speaking at a cabinet meeting, Cuomo says he does not see many sticking points in the new state spending plan, but he says Republicans in the state Senate are still opposing his proposal to extend an income tax surcharge on millionaires when it expires later this year. The tax brings in $3.5 billion.

“If you do not extend the millionaire’s tax, you have a tremendous hole in the budget, and I don’t know how you complete a budget without the millionaire’s tax,” Cuomo said.

The governor says the money is needed to pay for a middle class tax cut, agreed to last year and which is scheduled to begin phasing in later this year, as well as a plan to provide free tuition at public colleges for New Yorkers earning less than $125,000 a year and to spend more on public schools. 

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