NgospelMedia.Net
NgospelMedia.net is The No. 1 International Urban Gospel Media Website, The Largest Repository of Your Favorite Gospel Entertainment Website, Worldwide, Nigeria. We Published Latest Nigerian and Foreign Gospel Music Downloads, Videos; Lyrics, Artiste Biography, Daily Devotionals. NgospelMedia is mainly a Christian Website, as the Domain Name Speaks; Gospel; Which is also tagged as a Gospel On-line Ministry for Souls Winning... 

$100B from feds only inspires NY’s Legislature to spend, tax even more

0 161







- Advertisement -


As we predicted the other day, the Legislature is looking to take advantage of Gov. Andrew Cuomo’s weakness to push tax hikes that New York can’t afford.

Three days after OKing a full impeachment inquiry, Assembly Speaker Carl Heastie announced a mind-numbing $208.3 billion spending plan, which includes a whopping 22.6 percent jump in general-fund outlays over last year, plus nearly $7 billion in tax hikes.

This comes as New York’s getting a huge $100 billion federal bailout, including $12.7 billion straight to state government. Indeed, Senate Majority Leader Chuck Schumer crowed last week that the new law just erased the state’s budget deficit and negated any need to raise taxes.

But the Legislature’s addiction to spending is strong; the bailout just gives it reason to get greedier. Heastie’s plan adds all manner of gifts for the Democratic majority’s allies, donors and special interests. No matter that dropping more cash into bloated social services and education budgets won’t put hurting New Yorkers back to work.

Yes, many of the new taxes are aimed at the rich alone. But it’s easier than ever for the rich to move away and pay no New York taxes — nor employ any New Yorkers. And Heastie’s $2.45 billion in new business taxes is basically a giant “kill some more jobs, please” sign.

“The combined state and city [income-tax] rate for city residents would top out at 15.75 percent, the highest in any state,” notes the Empire Center’s E.J. McMahon. Florida is rubbing its hands in anticipation.

Kathryn Wylde, CEO of the pro-business nonprofit Partnership for New York City, warns Heastie’s plan would make it “very difficult to attract or retain the talent and private investment that we need for a healthy recovery.” What the pandemic began, this lunacy would finish.

And Gov. Cuomo, desperately dealing to keep his job, may well go along with it.

- Advertisement -

Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time

- Advertisement -

- related posts -

0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

NgospelMedia.Net and its partners uses cookies and similar technology to collect and analyze data information about the users of this website. We use this information to enhance the content, advertising and other services available on the site. Accept Read More

0
Would love your thoughts, please comment.x
()
x




Send this to a friend