Tax Hikes Will Hit Hard.

• Date: 08 March 2021
• Author: Acunto, Steve

The New York State Legislature should avoid major tax hikes in this year's state budget, including a three-year surcharge on multimillion-dollar incomes proposed by Governor Cuomo. The Empire Center's senior fellow, E.J. McMahon, made a cogent case against the hikes in testimony offered recently in Albany.

"Raising taxes on the highest incomes to raise revenues in the short term will only accelerate the erosion of our tax base in the long run, ultimately undermining funding for the very programs the Legislature wants to protect," McMahon testified. "Even worse, as New York's economy struggles to recover from the pandemic, enacting any one of the significant 'millionaire and billionaire' tax increases now being promoted as...