January 18, 2018. According to this article, experts say that Gov. Andrew Cuomo’s budget address lacked detail. As he did in the State of the State, the Governor laid out the case that New York is under attack from the new federal tax law, thanks to a controversial $10,000 cap on the state and local tax deduction that will hammer many high-income New Yorkers, yet critics and budget experts alike noted that the governor still didn’t explain how he would carry out all of the goals laid out in his State of the State address earlier this month.
Generally, fiscal policy experts agreed that the governor spent little time elaborating on exactly how he planned to raise and spend New Yorkers’ money during the budget address, leaving them to wonder how Cuomo’s raft of proposals would meet his stated goals, as they and the rest of Albany poured over the notoriously dense budget documents.
For Ron Deutsch, executive director of left-leaning Fiscal Policy Institute, it appeared what was missing from Cuomo’s budget presentation was enough ways to raise the money needed to close the state’s $4.4 billion budget gap
Cuomo “comes up with a few solid mechanisms to basically generate some needed revenue,” said Deutsch. “We would suggest he actually needs to do more to raise revenue. So one of the things we would be suggesting, and I think the governor may be alluding to this a bit, would be to develop a recapture tax where you try and recapture a substantial percentage of the federal tax cuts from both businesses and individuals who are going to be receiving a big windfall.”
Deutsch said a stock transfer tax, a mansion tax, or a pied-a-terre tax could be used to make up the difference.
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