Ny Governor Still Opposes Increased Tax On Wealthy

03.17.09 | FL News Team

New York Governor David Paterson says he still opposes increasing taxes on the state's wealthiest residents. The governor warns that the current economic climate is vastly different from 2003, the last time a so-called "millionaire's tax" was implemented. He says back then the economy was rebounding after 9/11, giving the wealthy an incentive to take part in the growth.

Paterson warns about looming budget deficits in the next two years, saying if a tax on the wealthy is the solution now, what will plug the gaps in the next few years? The governor maintains it is not the right time to add taxes on the wealthy.