One of the chief arguments over the state budget will be whether to renew an income tax surcharge on New York’s wealthiest.
The state is facing a $3.5 billion deficit, and Gov. Andrew Cuomo wants to add a billion dollars to the state’s public schools. He also wants to offer free tuition at public colleges for families making less than $125,000 a year.
Cuomo said continuing the tax surcharge — known as the millionaires’ tax — is the simplest way to finance all that.
“Frankly we don’t have the resources to lose the millionaires’ revenue now,” Cuomo said.