In his sharpest criticisms of Bill de Blasio’s plan to raise taxes on the wealthy, Gov. Cuomo on Tuesday raised the concern that it could force mobile millionaires to leave the state.
Cuomo, during a meeting with the Daily News Editorial Board, said he is looking to cut taxes next year — not raise them — arguing it’s important that the “arrow is pointed down.”
He argues the tax rate for all New Yorkers is lower now than when he took office. And even if the 41,000 mostly city residents earning more than $2 million are not ecstatic about paying a state income tax rate of 8.82%, “they feel better that the arrow’s pointed down.”
“What they fear is that they’re in a place where the taxes will continually go up and there will be a ceiling and they’ll say, ‘I’m going to Florida,'” he said of the wealthy. “I believe that.”
De Blasio, the Democratic front-runner for mayor, has proposed raising the city income tax on those making more than $500,000 to help fund pre-kindergarten and other education programs.
Cuomo virtually shot down the possibility next year that the state would take up a de Blasio plan to hike the city tax rate. Cuomo and the Legislature are up for reelection next year.
The governor noted he and the Legislature extended the state tax rates earlier this year through 2017.
“If (de Blasio’s) elected and if he comes to Albany, he can make his case and we will hear him out and let’s have a fulsome discussion, but this is a conversation we just had,” he said of the income tax rates.
Cuomo said he supports the idea of universal pre-kindergarten that de Blasio has pushed.
But he said such a discussion also should include a review of how many existing slots are being used and how many are full time and how many are half time.
Cuomo also made his case for the need to pass a constitutional amendment next month to legalize up to seven casinos in New York, with the first four going upstate.
Noting there are already nine race-track racinos and five Native American-run casinos upstate, Cuomo said the issue is no longer whether gambling should be legalized in New York.
