New York Lawmakers Weigh Raising Taxes as Budget Deadline Looms

ALBANY, N.Y.—Union leaders and Democratic state lawmakers made a final push Monday to increase taxes on the wealthy as part of a roughly $200 billion state budget due this week.

Gov. Andrew Cuomo hasn’t yet discussed taxes with leaders of the Democrat-controlled state Assembly and Senate, people familiar with the budget negotiations said Monday. But top aides for the executive and legislative branches spoke throughout the weekend about both revenue and spending programs, officials said.

The people said lawmakers are settling on their plans for spending programs before deciding on a tax package. Mr. Cuomo included a $1.5 billion income tax increase when he proposed a $193 billion budget in January.

Leaders of the Senate and Assembly each proposed raising more than $6.5 billion of revenue by increasing income taxes, corporate taxes, the state’s estate tax and placing a 1% surcharge on income derived from capital gains. The Senate and Assembly plans would each spend more than $200 billion.

During negotiations, aides to Mr. Cuomo have rejected proposals to increase the estate tax or levy a new surcharge on capital gains, the people said. Under current New York law, capital gains are taxed at the same rate as wage income.

Source: WSJ – US News

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