Economics
De Blasio Plan to Tax NYC Wealthy Faces Albany Roadblocks
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New York Mayor Bill de Blasio’s proposal to tax the rich to pay for universal early-childhood education faces obstacles in the state capital in a year when Governor Andrew Cuomo and lawmakers are up for re-election.
The new mayor’s five-year plan to raise the city income tax on residents earning more than $500,000 annually needs state approval. Cuomo, a fellow Democrat, and Republicans who run the senate with a group of breakaway Democrats both say they support de Blasio’s call for pre-kindergarten programs. Backing a tax increase to finance it, they say, is another matter.