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Lt. Gov. candidate Williams lays out fiscal plan

May 04, 2018 6:30 am

Rachel Silberstein is reporting for the Times Union Jumaane [JOO-mahn-ee] Williams, the New York City councilman seeking to unseat Lt. Gov. Kathy Hochul in the September Democratic primary, has laid out a fiscal plan for the state. Under his proposal the state would end the 2 percent spending cap and increase taxes on the rich. Williams is proposing a number of new taxes or fees targeting the state's wealthiest residents to generate an estimated $20 billion in new revenue to fund education, transportation, environmental remediation, public housing and health care. He calls for a supplementary "millionaires' tax" surcharge, a mansion tax for real estate transactions larger than $5 million, and higher tax brackets. Williams' plan does keep one of the governor's most popular initiatives, a 2 percent cap on property tax growth. While many aspects of his proposal have been debated individually, Williams said he wanted to compile them in one place to highlight the dramatic, $20 billion impact a progressive tax overhaul could have on the state. The Brooklyn Democrat was endorsed last month by the Working Families Party alongside Cynthia Nixon, who is challenging Cuomo for the Democratic line. Read the full story in the Times Union.