New York state is in the midst of a revenue crisis because of the pandemic, and Andrew Cuomo is the sole roadblock to raising any revenue at all from the hyper-rich:
Governor Andrew Cuomo of New York has stood firm against intensifying pressure to avert massive budget cuts by raising taxes on the many billionaires who live in his state.It is remarkable just how completely one politician completely encapsulates what is wrong with both the Democratic Party and US politics in general.
As that campaign to tax billionaires received a recent boost from Congresswoman Alexandria Ocasio-Cortez and New York’s Democratic state legislative leaders, Cuomo has insisted that he fears that the tax initiative will prompt the super-rich to leave the state. On Wednesday, he doubled down, warning that if the state tried to balance its budget through billionaire tax hikes “you’d have no billionaires left”.
But in defending billionaires, Cuomo is protecting a group of his most important financial boosters. More than a third of New York’s billionaires have funneled cash to Cuomo’s political machine, according to a Too Much Information review of campaign finance data and the Forbes billionaire list.
New York disclosure records show that 43 of New York’s 118 billionaire families have donated money to Cuomo’s campaigns and the state Democratic party committee he controls. In all, those billionaires and their family members have delivered more than $8m to Cuomo’s political apparatus since his first gubernatorial campaign. That includes large donations from billionaires in the last few weeks as Cuomo has fought to stop tax hikes on billionaires.
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