With a federal wealth tax looking unlikely, states like New York could enact their own

With a federal wealth tax looking unlikely, states like New York could enact their own

New York legislators may be able to push through taxes on the ultrawealthy amidst the turmoil surrounding Gov. Andrew Cuomo, Bloomberg reports. 

Cuomo previously outlined a worst-case scenario where New York's wealthiest would see the country's highest income rate taxes if the White House didn't step in to help with the budget deficit. During the pandemic, Cuomo has said he wanted to make sure New York's tax base was preserved, and wealth taxes would not help in that regard.

Now, according to Bloomberg, New York's Democratic lawmakers are considering a package that would "go further," given that the governor is embroiled in a sexual-harassment scandal and a federal investigation into his handling of nursing homes during the pandemic.

Progressives in New York have been champing at the bit to increase taxes on the wealthy. New York City Mayor Bill de Blasio previously called for a progressive tax and a tax on billionaires in his final State of the City address. And New York representative Alexandria Ocasio-Cortez has previously called to raise the top marginal rate on those earning over $10 million.

"New York City will fight for new progressive income taxes that establish brackets with increased tax rates for high earners and the ultra-wealthy," de Blasio