Cuomo’s campaign gets $568K from billionaires while opposing wealth tax
ALBANY — Deep-pocketed donors flooded New York Gov. Andrew Cuomo’s campaign coffers with cash in recent months as the state’s top Democrat repeatedly dismissed calls to increase taxes on the rich.
An analysis of campaign contributions shows Cuomo took in more than $568,000 from 15 billionaire supporters over the second half of 2020.
The flood of cash came as the governor voiced his opposition to raising revenue through new levies on the Empire State’s wealthiest residents, arguing elites will simply pull up roots and move elsewhere.
Cuomo’s fellow Dems in the Legislature disagree and have proposed a raft of new taxes on corporations and the most well-off New Yorkers they say could raise $7 billion in new revenue.
Lawmakers want to increase income taxes on top earners, raise inheritance and corporate taxes and place a one percent surcharge on income from capital gains to cover increased spending for education, health care and other priorities.
“The governor is the biggest obstacle to taxing billionaires in New York so that working people can recover from this pandemic,” said Jonathan Westin, the director of New York Communities for Change. “An overwhelming number of people want to see this happen and an overwhelming number of New Yorkers need this relief.”
Proposals from the Legislature include raising the top income tax rate on the rich to 11.85%, an increase of the corporate franchise tax as well as a bump in real estate taxes.
The governor maintained last week that thanks to federal stimulus funds, the state only needs to make up about $2.5 billion and he’s working to bridge the gap between his budget plan and those presented by lawmakers.
“(T)here’s a differential on the numbers, and there are differentials on the matter of policy, and what we try to do is compromise the entirety,” he said.
Critics say the governor’s opposition to broad tax increases for the rich is rooted in his close ties to his donor base.
Cuomo’s biggest contributors include the likes of real estate mogul Larry Silverstein, who along with his wife ponied up at least $53,000 in funds.
Alcohol magnate Richard Sands and his wife Jennifer, estimated to be worth about $2.2 billion, gave the governor more than $72,000 between July and January.
Hedge funder Jim Simons and his wife Marilyn contributed $90,000 to Cuomo’s war chest over the past year.