Gov. Andrew Cuomo and the Legislature’s tentative deal to hike state taxes by more than $4 billion amid the dig-out from coronavirus pandemic is unnecessary and will trigger an exodus from New York City, mayoral candidate Ray McGuire said Monday.
“If we needed to raise taxes to balance the budget, I would agree that people like me who have done well should pay more to help our city. But thanks to billions in aid from the federal government, we don’t need to raise taxes,” McGuire, a former Citigroup executive running in the Democratic primary to replace Mayor Bill de Blasio, told The Post.
McGuire was referring the state treasury getting $12.6 billion in COVID-19 stimulus funding in the American Rescue Plan, which US Senate Majority Leader Chuck Schumer (D-NY) says balances Albany’s budget — suggesting major tax hikes aren’t needed.
“What the state is considering will push companies and higher-income families out of the city, which will cost us tax revenue and jobs,” McGuire said.
Adding insult to injury, he said, is that Albany — not Big Apple elected leaders — will control where the revenues go.
“So in the end NYC loses,” McGuire said.
“Instead we should use our federal aid as a stimulus to jumpstart the economy and grow our way out of the COVID recession,” added McGuire, touting his own economic program to revive the city.
Last week, leading mayoral candidate Andrew Yang also expressed concerns about raising taxes on the Big Apple’s higher earners.
Lawmakers have agreed on the inclusion of the so-called “millionaire’s tax” which would raise the combined state and local tax income tax rate for wealthy Big Apple residents to between 13.5 percent and 14.8 percent — surpassing California to have the highest income tax rate in the country.
Under the proposal, single filers reporting over $1 million in income and joint filers reporting more than $2 million in income would see their tax rate increase from 8.82 percent to 9.65 percent. The tax increase would not expire at least through 2024.
Two new tax brackets would also be created, one taxing income over $5 million at 10.3 percent and another where income over $25 million would be taxed at 10.9 percent.
Another portion of the deal would raise the state’s corporate franchise tax from 6.5 percent to 7.25 percent through 2023.
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