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Tax hikes for the rich in NYC could be on the way: Report

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In the midst of political pressure; controversy, and a huge budget deficit NYC may be set to hike taxes on the rich. The move comes amid further pressure on Cuomo ‘s office to release indoor dining to the public considering New York City has a fairly low infection rate compared to other parts of the U.S.

Cuomo, however, announced this week himself that such would happen only after all federal options have been exhausted. According to the Governor’s Office, Cuomo has noted that a state level tax would simply drive the wealthy out of NYC for good. Instead he says that both a state and federal level tax levy might be needed to prevent that from happening.

But it already is. The wealthy have been driving themselves out of New York long before the Coronavirus pandemic and such was only accelerated by said pandemic. The move is being flouted just weeks after Cuomo privately begged the rich to return although that didn’t apparently work. Thousands of New Yorkers, per reports, have fled south to places like Florida and Georgia where taxes are no where near as high.


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By Selena Perez

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