“We will not be raising income taxes this year,” Gov. Hochul declared in January at the opening of New York’s 2023 legislative session.
Since she’s sitting on a record $19 billion in surplus reserves, that should be an easy promise for the governor to keep — ”this year,” at least. But to avoid future tax hikes, Hochul will need to keep a lid on spending in her coming budget negotiations with the Legislature.
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E.J. McMahon is a senior fellow at the Empire Center for Public Policy and a Manhattan Institute adjunct fellow. Follow him on Twitter here.
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