The state budget for the 2027 fiscal year – totaling $277 billion – was an increase of $18 billion, or 7%, from the previous year, according to a recent analysis and announcement by New York State Comptroller Tom DiNapoli.
State spending is also projected to exceed revenues by more than $7 billion, and a cumulative budget gap of more than $31 billion is projected over the next three fiscal years.
I’ve continued to warn about the unsustainable spending we have seen since New York came under one-party control in 2019. Since then, spending has increased a staggering $109 billion. New York’s budget is double that of Florida and nearly the size of the budgets of Texas and Florida combined.
This budget analysis comes as the Comptroller’s Office also found that New York continues to lose more taxpayers than it gains through migration, while the state remains one of the nation’s highest-taxed.
Meanwhile, a report by the Citizens Budget Commission, a nonpartisan, nonprofit civic think tank, showed that New York has the nation’s highest combined state and local taxes on a per-capita basis, averaging $12,495 per resident — about 78% higher than the national average of $7,009.
But don’t worry. While you’re struggling with soaring utility bills, increased taxes, fees and other expenses and an ever-rising cost of living under the leadership of the governor and legislative majorities, you’ll be getting a rebate check right before Election Day.
People deserve a break all the time, not just one time.
Instead of insufficient one-time payments, we should be looking for ways to permanently reduce the cost overburdening New Yorkers.
I’m focused on an agenda that would make our state more affordable, create more economic opportunities, and stop the exodus. This includes:
- Cutting personal income tax.
- Imposing a three-year property tax freeze.
- Eliminating state income taxes on tips and OT.
- Imposing a one-year tax and surcharge holiday on utility bills.
- Repealing Green Energy mandates such as the All-Electric Building Act, EV and all-electric bus mandates, Congestion Pricing Program, Cap and Invest Program that drive up energy costs.
- Lowering housing costs by shortening the permitting process and decreasing the regulatory burden on developers.
- Providing a tax credit for first-time homebuyers.
- Making childcare more affordable by providing flexible savings accounts and incentivizing employers to provide childcare for their employees.
- Cutting taxes on businesses.
- Reducing burdensome regulations and mandates.
One-party control of state government has resulted in problematic and flawed policies that have further burdened New Yorkers who are already struggling. As a result, we have seen far too many residents flee the state in search of better opportunities elsewhere.
New Yorkers need real change, real action, and real relief. The “Save New York” legislative agenda will provide for this by advancing policies that will make the state more affordable, safer and accountable to those it represents while also improving the quality of life for the state’s hardworking citizens and their families.
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