The New York state budget, totaling $254 billion, includes significant payroll tax hikes aimed at funding the MTA's $68 billion modernization plan. Tax rates will increase for businesses with annual payrolls over $10 million, while companies with payrolls under $1.25 million will be exempt. Lawmakers assert these measures undermine the Governor's claims of an affordability-focused budget. Additionally, the MTA will begin utilizing speed cameras to generate even more revenue. Business leaders are concerned about the financial impact, with predictions of tighter budgets and potential hiring freezes within affected companies.
"Raising taxes to 'feed the bottomless pit at the MTA' undercut Gov. Kathy Hochul's argument that the much-delayed budget is an affordability win for New Yorkers," state Sen. James Skoufis (D-Orange) said.
"Things will be run tighter, possibly with fewer raises," billionaire business mogul John Catsimatidis said. "Will there be fewer hires? Absolutely!"
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