State Legislature May Revisit "Millionaire Tax"

In his address to the state last night and in a press conference today, Gov. David Paterson said New York State's economic outlook has deteriorated badly over the past several months.

REPORTER: He's asked lawmakers to reconvene next month and reopen this year's budget so they can make $600 million in cuts to state programs.

Paterson's budget director, Laura Anglin, told reporters today the state should resist the temptation to plug the deficit with new taxes on the very wealthy. Westchester Assemblyman Richard Brodsky disagrees.

BRODSKY: That kind of statement is both economic nonsense and dangerous social policy. We don't need Bush economics in New York State.

REPORTER: Last spring, the Democratic-controlled assembly passed a so-called "millionaire's tax", but it failed in the Senate. Brodsky said the current fiscal crisis would be a good time to revisit the idea.

Paterson's July 29 Budget Speech

Paterson's July 30 Budget Update