Name: Cuomo’s campaign gets $568K from billionaires while opposing wealth tax
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Cuomo’s campaign gets $568K from billionaires while opposing wealth tax

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AdvertisementBy New York Daily NewsMar 30, 2021 at 5:04 pmALBANY — Deep-pocketed donors flooded New York Gov. Andrew Cuomo’s campaign coffers with cash in recent months as the state’s top Democrat repeatedly dismissed calls to increase taxes on the rich.An analysis of campaign contributions shows Cuomo took in more than $568,000 from 15 billionaire supporters over the second half of 2020.AdvertisementThe flood of cash came as the governor voiced his opposition to raising revenue through new levies on the Empire State’s wealthiest residents, arguing elites will simply pull up roots and move elsewhere.Cuomo’s fellow Dems in the Legislature disagree and have proposed a raft of new taxes on corporations and the most well-off New Yorkers they say could raise $7 billion in new revenue.AdvertisementLawmakers want to increase income taxes on top earners, raise inheritance and corporate taxes and place a one percent surcharge on income from capital gains to cover increased spending for education, health care and other priorities.“The governor is the biggest obstacle to taxing billionaires in New York so that working people can recover from this pandemic,” said Jonathan Westin, the director of New York Communities for Change. “An overwhelming number of people want to see this happen and an overwhelming number of New Yorkers need this relief.”Proposals from the Legislature include raising the top income tax rate on the rich to 11.85%, an increase of the corporate franchise tax as well as a bump in real estate taxes.The governor maintained last week that thanks to federal stimulus funds, the state only needs to make up about $2.5 billion and he’s working to bridge the gap between his budget plan and those presented by lawmakers.“(T)here’s a differential on the numbers, and there are differentials on the matter of policy, and what we try to do is compromise the entirety,” he said.Critics say the governor’s opposition to broad tax increases for the rich is rooted in his close ties to his donor base.Cuomo’s biggest contributors include the likes of real estate mogul Larry Silverstein, who along with his wife ponied up at least $53,000 in funds.Alcohol magnate Richard Sands and his wife Jennifer, estimated to be worth about $2.2 billion, gave the governor more than $72,000 between July and January.AdvertisementHedge funder Jim Simons and his wife Marilyn contributed $90,000 to Cuomo’s war chest over the past year.Last week, Cuomo announced that the state identified about $5 billion in new sources of revenue. Budget director Robert Mujica said that, combined with $12.5 billion in federal COVID relief funds, will be enough to prevent the need for any new taxes in the budget and to avoid spending cuts.Business groups also oppose raising taxes on the wealthy, arguing that a lion’s share of the state’s revenue already comes from businesses and the ultra-rich.Currently embroiled in multiple scandals, the governor is already taking heat over donations he received from the health care industry last year as a provision granting legal immunity to hospital and nursing home executives was added to the budget at the 11th hour.Federal investigators are reportedly looking into how the legal protections provision came about.Cuomo is also facing calls for his resignation over multiple sexual harassment allegations, which are being probed by outside investigators working under Attorney General James.AdvertisementSenate Majority Leader Andrea Stewart-Cousins (D-Yonkers), who has called on Cuomo to step down, defended the Legislature’s proposals recently, saying that the increases are crucial to the state’s economic recovery from the pandemic.“We’re asking people who have a lot more to help a little more to make sure our recovery is a sustainable recovery,” she said during a virtual press briefing earlier this month. “There is so much we need to do. I’m confident that we are setting ourselves for a recovery not just for a few, but for everyone.” Advertisement

AdvertisementBy New York Daily NewsMar 30, 2021 at 5:04 pmALBANY — Deep-pocketed donors flooded New York Gov. Andrew Cuomo’s campaign coffers with cash in recent months as the state’s top Democrat repeatedly dismissed calls to increase taxes on the rich.An analysis of campaign contributions shows Cuomo took in more than $568,000 from 15 billionaire supporters over the second half of 2020.AdvertisementThe flood of cash came as the governor voiced his opposition to raising revenue through new levies on the Empire State’s wealthiest residents, arguing elites will simply pull up roots and move...

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Cuomo’s campaign gets $568K from billionaires while opposing wealth tax

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