No surprise here: New taxes, fees Gov. Cuomo’s solution to budget deficit woes
New York Governor Andrew Cuomo is under scrutiny by lawmakers in Albany, both Republican and Democrat, in the wake of his proposed 2018 budget which was released this past Tuesday.
The Governor’s proposed budget, totaling $168 billion dollars, was highlighted by an estimated $4 billion deficit and $586 million in new tax or fee revenue that he is relying on to bridge the gap.
“You can’t possibly get anywhere near where you want to be on education and health care unless you raise revenues,” said Governor Cuomo.
However, Republicans throughout the State are not sold. “If anything, this is a moment that provides us a chance at self-reflection to say we are a high-tax state. We need to do something now about it more than ever to protect our taxpayers,” said Sen. Robert Ortt.
One of the Governor’s proposals includes imposing a broader internet sales tax which would apply to large online marketplace companies such as eBay and Amazon. Under his plan, the online companies would be required to collect sales tax on any sale to a New York resident regardless of where the seller is based.
The full list of other taxes and fees proposed by Governor Cuomo include:
A full Increase the Vending Machine Sales Tax Exemption
Allow the Tax Department to Appeal Tax Appeals Tribunal Decisions
Clarify New York Residency Requirements for Tax Purposes
Impose an Internet Fairness Conformity Tax
Discontinue the Energy Services Sales Tax Exemption
Provide for Expedited Processing of Child Care Tax Credit Payments
Extend the Statute of Limitations on Amended Tax Returns
Allow Warrantless Tax Debt to be Assessed Against Unclaimed Funds
Improve Cigar Tax Enforcement
Defer Business Related Tax?Credit Claims
Impose a Health Tax on Vapor Products
Establish an Opioid Epidemic Surcharge
Simplify Video Lottery Gaming (VLG) Rate and Make Other Provisions
Impose a Vehicle Safety Inspection Fee
Modernize Highway Right of Way Fees
Impose a Healthcare Insurance Windfall Profit Fee
