New York State is grappling with a staggering $18.2 billion deficit projected through 2029, yet lawmakers propose significant tax hikes and additional spending. The Assembly and Senate want to add $4 billion to Governor Kathy Hochul's plan of $9 billion for Fiscal 2026, leading to an unsustainable budget nearing $260 billion. Critics warn that this approach, including new tax increases on the wealthy and corporations, will not reverse the trend of residents leaving the state and could ultimately collapse the existing fiscal structure.
Skyrocketing spending is cracking New York's fiscal foundation, and the Legislature's one-house budgets propose to add more spending and higher taxes to a precarious State budget.
New York and its localities already collect more taxes (per capita and per $1,000 of income) than any other state, yet lawmakers still plan to hike tax rates.
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