Readers of this blog may have noticed my previous admiration for New York Governor Andrew Cuomo. After this week, we can safely put the emphasis on previous.
The Governor’s latest budget proposal is out – and the fellow who was refusing to even consider tax increases two years ago looks like a fading memory (New York Post):
It’s not just New York’s top income-tax rate that Gov. Cuomo and state lawmakers are extending.
A utility-tax surcharge that costs a typical homeowner $55 a year and was supposed to end next month will remain in place under the new state budget.
Meantime, extending the top, 8.82 percent income-tax rate on seven-figure earners beyond 2014 “continues the state’s reliance on a small number of high earners and reduces New York’s competitiveness,” the Citizens Budget Commission said.
The city-based fiscal- watchdog group noted that seven-figure earners in the Big Apple will continue paying a combined 12.7 percent state and city income-tax rate, second only to California.
“This is unlikely to help New York’s recovery,” the group said.
That top rate, by the way, was supposed to be phased out of existence in 2011.
Andrew Cuomo came into office with the promise of showing America that a Democrat can be sensibly on economic matters. That promise is clearly gone.