Bipartisanship is rare, but it seems there is one thing governors of both parties can agree on: “Shared sacrifice” really means more tax cuts for the rich to force regular people to share all the sacrifice. This is effectively what New York’s Democratic governor Andrew Cuomo is about to push through in his state by letting the current tax rate on millionaires revert to a lower level. From the New York Times:
Dashing the hopes of many Democratic lawmakers, including the bulk of the New York City delegation, the budget did not include an extension of a temporary income tax surcharge on wealthy New Yorkers, a measure that has drawn support among Democrats and even some Senate Republicans as a way to further offset Mr. Cuomo’s proposed cuts in money for schools and other programs.
Mr. Cuomo persuaded legislative leaders to agree to a year-to-year cut of more than $2 billion in spending on health care and education, historically the two largest drivers of New York’s budget. Over all, officials said, the budget deal would reduce year-to-year spending by about 2 percent.
This is the same basic game plan we have seen from several Republican governors this year who pushed for corporate tax cuts while cutting public services or pushing regressive changes to the tax code.
Billionaire Warren Buffett is right, there is a class war underway, and his class is winning.