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Governor Kathy Hochul is set to reveal her budget proposal for the upcoming fiscal year today in Albany. The plan outlines a record-high $260 billion budget, focusing on making life more affordable for New Yorkers without increasing income taxes. Hochul's proposal emphasizes expanding childcare, enhancing food assistance, and reducing utility costs, among other initiatives.
The budget includes a significant $4.5 billion investment in childcare, a $1.7 billion increase from the current budget, aiming to provide universal childcare for nearly 100,000 additional children. Additionally, the plan proposes a "2-Care" program for two-year-olds and $210 million to expand pre-kindergarten for four-year-olds statewide. Governor Hochul's budget director, Blake Washington, highlighted that strong returns on Wall Street and a progressive tax code have allowed these investments without raising taxes.
Hochul's proposal also addresses a $4 billion budget shortfall and includes measures to tackle fraud, reduce insurance rates, and protect renters. The governor's plan extends the top corporate franchise tax rate but avoids increasing business, sales, or income tax rates. According to the New York Post, Hochul aims to balance the budget without tax hikes, despite pressure from the Democrat-dominated state legislature to tax the wealthy.
The proposed budget also allocates funds for Medicaid, subway policing, and the state's correctional system. It includes $20 million for Riverbank State Park and a $5 million program for soccer fields tied to the World Cup. The budget must be finalized by April 1, but has been delayed in recent years. Hochul's proposal is expected to face negotiations with the state legislature, which favors increased taxes on the rich.