N.Y. budget director says tax hike discussions are premature – Spectrum News

N.Y. budget director says tax hike discussions are premature  Spectrum News

The state’s annual quick start budget meeting was held Monday, bringing together key players in building the state’s annual budget. New York state budget officials say it is too early to determine whether tax increases will be necessary in next year’s state budget, even as Gov. Kathy Hochul has signaled a willingness to consider new revenue sources to fund an expansion of childcare. The state’s annual quick start budget meeting was held Monday, bringing together key players in building the state’s annual budget to review the playing field ahead of negotiations over the next spending plan. The meeting came after a week of good news for Democrats in the Empire State.

The Division of Budget’s mid-year update just before Election Day painted a rosy picture of New York’s financial position and less than a week after an election that strengthened Democrats’ position in Albany, potentially changing the political dynamics surrounding discussions over taxes and spending. Hochul has long resisted calls from progressive lawmakers to raise taxes on wealthy New Yorkers, but she appeared to leave the cracked to new revenue proposals in speaking with reporters last week as the annual Democratic SOMOS retreat in Puerto Rico as she discussed the long-term costs of expanding access to universal childcare. The program in its current state has been funded for two years