ALBANY – New York State Senator George Borrello is calling out the state’s budget for its “unjustified” rise in taxes.
Borrello, who voted against the budget overnight Wednesday, says the $212 billion budget has a crushing $4.3 billion in new taxes on high earners and businesses.
He says feels the increase is unjustified since the state’s budget gap was filled with $12.5 billion in federal relief under the American Rescue Plan.
“The radical left who lobbied long and hard for these tax increases and would have liked even more, believe that successful individuals and businesses, our job creators, should be penalized for what they’ve earned,” said Borrello in a statement. “Much of this tax revenue will support the creation of a $2.1 billion fund that will allow individuals who were ineligible for unemployment insurance during the pandemic to receive payouts of up to $15,000 per person.”
“This is a politically-driven item with an unacceptably high price tag, particularly with our state’s unemployment insurance fund depleted by the unprecedented demand of the pandemic,” Borrello furthered. “Struggling small businesses are now being hit with insurance rate increases that threaten their survival.”
The final budget includes major legislative priorities including $29.5 billion in school aid, a $3 billion increase, $29 billion in public and private green investments, $2.4 billion for rent and homeowner relief, $2.4 billion for child care, $2.1 billion for excluded workers and $1 billion for small business recovery.
The budget also includes plans to expand affordable broadband internet, mobile sports betting and nursing home reform.
The state Senate passed the budget bill overnight Wednesday and the Assembly is expected to vote on it today before it heads to Governor Andrew Cuomo’s desk.