A Guide to the State Budget Fight
New York State leaders are working to finalize the state budget, with disagreements on taxes and spending. The Legislature is proposing tax hikes on wealthy individuals and corporations to fund expanded social programs, while Governor Kathy Hochul has resisted the idea.
New York State leaders are crafting the state budget, deciding how to spend $260 billion. The Legislature proposes tax hikes on wealthy individuals and corporations to fund social programs. Governor Kathy Hochul resists the idea. The Senate and Assembly propose raising taxes, with the Senate proposing a 0.5-point increase on individuals earning above $5 million. The Assembly proposes a 0.2-point increase on individuals above $5 million and a 2-point hike on corporations. The budget deadline is April 1.
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