The state Assembly and Senate, both led by Democratic majorities, have presented their annual one-house budget resolutions, outlining their stance for negotiations with Governor Hochul regarding this year’s budget deal.
They have made the decision to increase their spending by an additional $13 billion on top of the governor’s already-record $233 billion executive budget.
Furthermore, Hochul’s opposition notwithstanding, it is imperative to consider taxing high earners and corporations more.
What would New Yorkers receive in return for lawmakers’ nearly quarter-trillion dollars in state spending?
The journey towards legalization in New York began with the persistent efforts and substantial financial investments of the cannabis industry. These dedicated stakeholders engaged in extensive lobbying activities, aiming to influence the state’s leaders.
The introduction of a regulated and taxed market had promised to bring about a significant economic boost.
Instead, thousands of unlicensed cash-based shops have emerged, bypassing New York’s regulated growers and avoiding the payment of cannabis fees and taxes.
NY lawmakers are in a battle with the governor over his proposal to overhaul the Medicaid program, which is worth a staggering $6 billion. Some lawmakers are feeling targeted by the governor’s plan and are questioning why he seems to have a personal vendetta against them. The Medicaid program is known for its lack of transparency, and these lawmakers believe that the governor’s reform plan doesn’t go far enough in addressing this issue. They are determined to fight for more comprehensive reforms that will bring much-needed clarity and accountability to the program.
City Councilmember Gail Brewer made numerous attempts to shut down a nearby establishment, which proved to be incredibly challenging. Despite her efforts, the store was not closed for selling illegal marijuana, but rather for selling untaxed tobacco products.
The Assembly is more focused on utilizing taxpayer funds to support the legal marijuana market rather than dismantling the illegal one.
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The proposal to grant the state’s Office of Cannabis Management more power to issue padlock orders and assist local authorities in closing down unlicensed stores was removed by the governor.
Instead, the proposal suggests allocating $80 million to provide assistance to lawful cultivators and processors who have faced significant financial difficulties.
The Senate is showing more support for the governor’s enforcement plan and is proposing $128 million in aid for marijuana farmers.
Instead of benefiting taxpayers, the legalization of marijuana will result in them having to pay for its subsidies.
The environment is the next topic of discussion. The resolution presented in the Senate proposes the revival of a bill that aims to gather $75 billion over a span of 25 years. This amount will be collected from the large companies that have been involved in the extraction of fossil fuels or the refining of crude oil between the years 2000 and 2018.
The green infrastructure projects would receive the proceeds of this “climate change superfund”.
The implementation of this tax will result in an increase in fuel prices, contradicting lawmakers’ promise to enhance affordability and prosperity for working-class New Yorkers.
The Senate’s proposal does not target fossil-fuel companies for accidents or illegal dumping. Instead, it focuses on New York businesses that engaged in legal activities many years ago but are now deemed unfavorable by those in power.
Lawmakers had the opportunity to impose higher taxes on fossil fuels or emissions between 2000 and 2018, but they chose not to do so.
