As Gov. Andrew M. Cuomo calls for federal aid to fill a projected four-year, $61 billion budget hole caused by the impact of the coronavirus, the State Legislature is weighing several measures that would, if some or all of that aid doesn't arrive, raise billions by targeting New York’s super rich.
Last week, Senate Education Committee Chair Shelley Mayer (D-Yonkers) introduced the Shared Help Assessment to Rebuild Education Act with Senate Higher Education Committee Chair Toby Stavisky (D-Queens). For two years, the measure would increase the income tax rate for earners making more than $5 million to fund public colleges and schools.
I have not supported other legislative proposals to raise income taxes, but in the face of the pandemic, I really think it is a time of shared sacrifice,” Mayer said. “I think it’s time for those with the most to make a bigger contribution for a short period of time.”