After a year of vowing to let higher income taxes on the rich expire at year’s end, Cuomo said on Fred Dicker’s radio show on Talk 1300-AM this morning that he’s reviewing a variety of options on how to close next year’s budget gap—including changes to the tax code.
Cuomo has talked recently about changes to the tax code as an issue of “fairness” and comes as he faces continued pressure from fellow Democrats and unions to retain higher taxes on the rich. The Wall Street Journal reported this morning that Cuomo is considering higher taxes on the rich and lower taxes on the poor.
“This is an economic problem, not a budget problem,” Cuomo said. “How do you create jobs in the state in a time when you have this national economy and the national current is running against you? What can a state do, what can this state do specifically to create private-sector jobs?”
The governor continued, “What programs would you run? What would you do with debt? What would do you with capital? What would you do with the budget? What would you do with the tax code to generate jobs?”
Cuomo said his budget plan will look at how to boost the economy, not just closing a budget gap.
“You have a budget problem. That’s not the illness, that’s the symptom. The illness is the economy is going south,” Cuomo said.
Asked whether he’ll raise taxes, “You’ll see my budget plan in seven weeks,” Cuomo said.
Cuomo said he has been talking with leading economists and aides about how to change the tax code to benefit the state’s economy.