Memo: New York Voters Support State Budget Measures to Raise Taxes on the Wealthy and Invest in Public Goods
Executive Summary
Last year, New York’s state budget was a widely criticized failure. In the midst of a surging global pandemic that upended the state’s economy, Governor Andrew Cuomo forced through a budget that cut Medicaid, underfunded schools, and rolled back crucial bail reforms.
This year, the New York state legislature asserted itself and led in the opposite direction — rejecting these austerity measures and passing a massive $212 billion budget that will reshape the state’s economy and help millions of low-income New Yorkers. The budget, passed by the state legislature and signed by Gov. Cuomo in April, will raise taxes on the wealthiest New Yorkers and use these funds to make public investments in infrastructure that will benefit all New Yorkers. The bill includes record-level investments in schools, funding for clean energy, and critical assistance to renters, childcare providers, and undocumented immigrants. Importantly, the enacted legislation rejects Cuomo’s threats to cut vital services and limits his attempt to give himself near-complete control over the state’s pandemic relief funds.
Altogether, the recently-passed New York state budget would help millions of families in need, help the state recover from the economic impact of the coronavirus, build clean energy infrastructure, and address the state’s profound levels of income inequality.
