Wednesday, November 30, 2011
On Fred Dicker’s show today, Governor Andrew Cuomo was aggressively questioned by Dicker on the details laid out in a Wall Street Journal article this morning about a possible grand tax code restructuring. Dicker tried every angle to get the Governor to say whether elements of a continuation of the so-called “millionaires’ tax” would be part of the restructuring.
Cuomo wouldn’t bite. He continued to argue that whatever plan he comes up with for closing the estimated $3.5 billion budget gap next year will be built on a broad economic program rather than a budget calculation.
“We're not going at this as a budget exercise," the Governor told Dicker. “In the past the exercise has been how do you close the gap--how do you fill the hole? This is an economic problem not a budget problem: How do you create jobs in the state, at a time when you have this national economy and the national current is running against you?"
As we’ve noted in the past, the Governor was reported to be looking for a way to “evolve” on the millionaires’ tax issue. Cuomo is a Big Idea guy. And this is one of those Rahm Emanuel-esque moments where a crisis can turn into an opportunity—at least for Cuomo.
That’s surely one of the reasons why Cuomo refused to say raising taxes was off the table. In a sense, it’d be pure Cuomoian genius: present a broad plan for improving the economy, partly through restructuring a (perceived) antiquated tax code, which will undoubtedly provide pro-business incentives, while “expanding” the tax base. This could mean many things, but most likely would incorporate some form of higher-income increase, without ever mentioning the words “millionaires’ tax.”
Monday, September 19, 2011
Governor Cuomo has been solidly against raising taxes on higher income makers in New York, but decided he thinks it's a good idea if President Obama does it. His office sent out this message earlier. Apparently as long as millionaires in New York are taxed by someone else, Cuomo is OK with it.
As the President has rightly realized, the federal government is facing not only a fiscal and debt crisis but needs to take a strong action to create jobs and grow our economy.
I urge Congress to move quickly to pass the President's plan so we can put New Yorkers and Americans back to work.
While I am against raising taxes in general, if taxes need to be raised to create jobs, balance the budget and lower the deficit then those increases need to be done at the federal level and on the wealthiest Americans, not the middle class.
New York State is one of the highest taxed states in the country. New York cannot have the people and businesses that create jobs and wealth in New York move to Connecticut or New Jersey which have lower taxes.