Should NY Raise Taxes On The Wealthy? [POLL]

NEW YORK — New York's financial woes have been aggravated by the continuing coronavirus pandemic. The recently unveiled 2022 state budget from Gov. Andrew Cuomo offered two ways to face a daunting $15 billion deficit.

And it all depends on whatever federal aid may or may not be coming from Washington, D.C.

One budget version requires a $15 billion cash infusion that addresses years of being ignored by Washington.

That would close up the deficit of the $192.9 billion spending package.

The other version — a worst-case, "drop dead" scenario — assumes that only $5 billion will be coming from D.C. and would include cuts in school funding, Medicaid and statewide services.

Cuomo said the second scenario would require a temporary wealth tax, something the governor has been resistant to do in the past.

The tax would be applied to taxable income above $5 million, with rates going up 2 percent — from the current 8.82 percent to 10.82 percent, The New York Times reported.

Income brackets would determine the new rate, with people who made up to $10 million being taxed at 9.32 percent and those making more than $100 million would pay the 10.82 percent rate.

Now it's your turn to weigh in on the issue. Vote in our unscientific poll and tell us what you think in the comments.