nys budget 2020 | WAMC

nys budget 2020

NY Gov. Andrew Cuomo
NY Gov. Andrew Cuomo

A decision by New Jersey leaders to raise taxes on the state’s wealthiest residents has given new hope to advocates who want to tax the rich in New York. But Governor Andrew Cuomo and his budget director are throwing cold water on that proposal.

NY Governor Andrew Cuomo delivers COVID-19 update during April 6, 2020 press briefing
Courtesy of Mike Groll/Office of Governor Andrew M. Cuomo

New York’s fiscal year is nearly half over and the state budget remains billions of dollars out of balance, largely due to the effects of the COVID-19 economic shutdown. So far, Governor Andrew Cuomo has been relying on temporary measures to keep the state afloat, but fiscal experts say it’s time to make some hard decisions.

Many of New York’s cities begin their new fiscal year July 1, and they are struggling to balance their budgets after the effects of the COVID-19 pandemic. Meanwhile, there’s a growing movement in the state legislature to raise taxes on the wealthy to help balance the state’s budget and to help cities out. 

Gov. Andrew Cuomo, center, with Comptroller Tom DiNapoli, right, and the governor’s budget director Robert Mujica.
Karen DeWitt

Governor Andrew Cuomo has about 10 days before he has to make some big decisions about New York’s estimated $14 billion budget deficit. The Democrat is hoping that Congress will pass a bailout measure to avert some of the financial pain, but some Republican senators are resisting.