According to the spokesman for New York Democratic Senator Chuck Schumer, the $1.9 trillion COVID-19 relief package that the U.S. Senate passed on Saturday stipulates enough funds for the state of New York that the state’s projected budget deficit will be erased.
Schumer spokesman Angelo Roefaro tweeted of the “American Rescue Plan,” “Ok. Thanks to @SenSchumer NYS budget deficit for this year is…..Zero, nada, niete, zilch (NY terms).”
Ok. Thanks to @SenSchumer NYS budget deficit for this year is…..
Zero, nada, niete, zilch (NY terms)
— Angelo Roefaro (@AngeloRoefaro) March 8, 2021
“The American Rescue Plan provides state government coffers with $12.6 billion in unrestricted aid, a measure championed by Schumer, the New York senior senator,” The New York Post reported. “Asked if the geyser of pandemic relief eliminates the needs for tax hikes or spending cuts, Roefaro told The Post, ‘the statement speaks for itself. … How NY decides its budgetary policy is a matter for the state legislature and the administration. Our job was to deliver resources to help NY confront and overcome Covid and its impacts, including the fiscal impact. And we did that fully and completely.’”
Democratic New York Governor Andrew Cuomo is still considering a tax increase. “It is on the table,” he said in reference to the possibility of tax hikes. “It is the difference between $12.5 and $15 [billion]. And don’t get me wrong, the $12.5 billion is very, very helpful. But as you know, because I’ve said it a hundred and fifty times, we needed $15 billion in my opinion. So we do have a gap there, and tax increases are on the table. And they’re on the table for the Assembly and the Senate, I’m not speaking for them, they can speak for themselves, but yes, they are on the table, because you have damage to repair.”
E.J. McMahon of the Empire Center for Public Policy said bluntly to the Post, “There’s no need for a tax increase,” arguing that the federal stimulus could obviate the need for additional taxes for two years.
WalletHub reported in June 2020 that they compared states across the nation based on property taxes, individual income taxes and sales and excise taxes and found that New York’s total tax burden was the highest in the country, at 12.28%. By way of contrast, Florida, whose GOP governor Ron DeSantis has been unfavorably compared to Cuomo numerous times by the legacy media, ranked 46 out of 50 states. Alaska ranked 50.
“The Senate-passed bill would waive federal tax obligations on the first $10,200 of jobless benefits. The provision would apply to households with incomes under $150,000,” CNBC reported. “A tax waiver on up to $10,200 of benefits may greatly reduce or eliminate a worker’s tax bill. Taxpayers may ultimately get money back from the IRS if they overpay, but that timing is unclear.”
“With its massive price tag, and major expansion of federal social safety net programs, the package is set to count among one of the largest rescue measures in U.S. history,” The Washington Post reported.
“Both House Minority Leader Kevin McCarthy and Senate Minority Leader Mitch McConnell have labeled the bill a Democratic ‘wish list,’” NPR noted.
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