New York’s state budget has ballooned to $132 billion, including a staggering $7.3 billion in new taxes, despite Gov. Paterson’s pledge to keep spending in check.
The budget is a 9 percent increase from the $121 billion Paterson had proposed earlier this year.
“Too much spending, too many taxes, not enough discipline,” said Elizabeth Lynam of the Citizens Budget Commission. “We are basically standing on the edge of a precipice and they took the easy way out.”
New Yorkers earning more than $500,000 a year will see their state income tax jump 31 percent to a rate of 8.97 percent and those earning more than $250,000 will have new rates of 7.85 percent.
The previous highest state income tax rate was 6.85 percent.
Thirsty New Yorkers will also find a new 5 cent deposit bottled water.
More details are expected to be released later this evening, possibly including a slew of new taxes and fees for government services.
The Legislature is expected to vote on the budget Tuesday.