Despite Break, New York Budget Negotiations Continue with Closing Tax Loopholes

Despite Break, New York Budget Negotiations Continue with Closing Tax Loopholes

Overview

By Nick Reisman

The state legislature is on break this week, but we still have our eyes on budget negotiations. Nick Reisman reports.

ALBANY, N.Y. — Its budget season and increasingly the debate in Albany is over taxes.

The Independent Democratic Conference in the Senate is pushing a plan that would have hedge fund managers pay more in taxes — a response to the federal government not taking action.

“I doubt they are going to close the carried interest loophole. So, I think its incumbent upon the states to send the message and we’re going to do this in the various states that are impacted,” said Senate IDC Leader Jeff Klein.

And of course, there is a broader debate over increasing taxes on the rich, a move Senate Republicans are resistant to. Governor Andrew Cuomo wants to keep high rates on millionaires, which is due to expire at the end of the year.