In-Depth: Cuomo says tax hike's on the table if COVID relief falls short

Updated: March 08, 2021 06:23 AM
Created: March 08, 2021 05:29 AM

ALBANY, N.Y. (WHEC)— A tax hike could be possible for New Yorkers, depending on how much the state gets from the federal COVID-19 relief bill, that's according to Governor Cuomo.

The bill would grant New York about  $12.5 billion, but Cuomo argues there's still not enough help for the state to climb out of its projected $15 billion deficit. The governor says he may be forced to raise taxes to offset the deficit.

When you look at the total numbers though-- New York is set to see an impact of about $100 billion when you add in stimulus payments and other aid.

Of the $12.5 billion projected:

  • $6 billion is earmarked for New York City.
  • About $4 billion will be split among the counties.
  • $825 million will be handed out to small cities, towns, and villages.
  • The other roughly $70 billion will go to schools, vaccination programs, child care, unemployment, and business.

The House is expected to vote on the bill Tuesday.

Copyright 2021 - WHEC-TV, LLC A Hubbard Broadcasting Company