Governor Kathy Hochul has no interest in raising taxes on New York’s richest, saying during a Thursday interview that the well-heeled will take off for other states.
“I’m not interested in driving people out of this state. I believe that we have the right balance right now,” Hochul said in a webinar hosted by City and State on Nov. 4.
The governor echoed talking points of her predecessor Andrew Cuomo, saying if asked to pay more in taxes, deep-pocketed residents would leave the Empire State for Florida, which has no state income tax.
“Those individuals, high-net-worth individuals, allow us to have the revenue generated as well as their many philanthropic contributions that I need to be able to support the progressive programs I want to have funded,” she said. “Having them live in Florida and become Florida residents does not help us.”