January 22, 2018. According to this article, Gov. Andrew Cuomo has been almost apoplectic about the impact of the Republican tax bill on New York. It is a “missile” aimed directly at the state, he bellowed last week while unveiling his budget.
But while his bark is loud, his bite is very cautious. The big question is how the politics of the tax bill will play out as Albany seeks to close a budget deficit as large as $6 billion and adjust the state’s tax system to the new federal tax law.
Progressives seeking higher taxes embraced the governor’s analysis but proposed much farther-reaching changes. The Fiscal Policy Institute called for a higher millionaires’ tax, a mansion or pied-à-terre property tax and the old warhorse of a stock-transfer tax.
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