Remember when I wrote last week that New York lawmakers were looking to give illegal aliens and ex-convicts in the state more than $2.1 million in added benefits since they did not qualify for unemployment benefits?
Well that happen Wednesday as part of Gov. Andrew Cuomo’s signing of the $212 billion budget for this year.
The saddest part is that New York’s small businesses, which were pummeled by the months lock downs, will only receive $1 billion in grants and tax credits under the agreement.
The exact same economic engine that could help employ illegal aliens and ex-convicts is being hamstrung by Cuomo’s actions. Not only are the small businesses being short changed on aid to get them up and running, but now they have to compete against the state benefits to find workers.
At the other end of the economic scale New York’s reliance on vilifying the rich is sure fire way of leading to a cascading future for the state and cities as it will be left to the middle class to fund these inane progressive agendas.
NY’s tax-the-rich schemes will certainly lead to far more exoduses as the work-from-home revolution reduces NYC’s status as the center of the universe in the US.
As part of the new budget Albany is looking to NYC’s rich as its next funding partner after President Biden and Congress did not make up New York’s $15 billion stimulus demand.
The new budget has income-tax rates rising to 9.65% from 8.82% for single filers reporting more than $1 million of income and joint filers reporting more than $2 million. The budget would also add two new tax brackets. Income over $5 million would be taxed at 10.3% and income over $25 million would be taxed at 10.9%.
If you left Manhattan in 2020 for greener pastures and lower taxes, then there is little in this budget that will draw you back from Florida, Texas or the East End of Long Island right now.