Report: Trump tax cuts creates financial strain, inequities for New York

ALBANY, N.Y. (NEXSTAR) — A report from the State Comptroller's office warns that a recent federal reconciliation bill has left New York with budget gaps totaling $34.3 billion. According to the report, "State Fiscal Year 2026 Enacted Budget and First Quarterly Financial Plans," the added costs from the federal cuts put the state in a similar financial situation to that of April 2009, the global financial crisis.

Comptroller Thomas DiNapoli called the law a missed opportunity for improvement, finding that it "adds complexity and creates inequities" by changing taxes and the social safety net in New York. "Low- and middle-income New Yorkers will see few long-term benefits while bearing most of the burden of the bill’s significant spending cuts to vital programs," he said.

Passed by Congres