The state's wealthiest residents could face a potential tax rate increase as New York looks to dig out of the financial hole created during the pandemic.

Governor Cuomo in his budget proposal is looking to raise taxes on the rich to a combined level of 14.7 percent.

This proposal would be the highest state and local tax rate in the nation.

Breaking this proposal down the top tax rate rise to 10.86, up from 8.82 percent, would only impact those making more than $5 million annually.

On the revenue side, Cuomo requested $15 billion in COVID-19 relief from the feds.

If that request is approved, there even will be a tax cut, the governor noted. He called the amount requested “fair” based on the pandemic and New York's status as the top donor state in the nation.

Other potential measures for increasing revenues for the state include the legalization of adult-use marijuana, legalization of sports gambling and a delay of a planned tax cut for the middle class.

The governor called on the new federal administration “to provide $15 billion in aid.”

New York State Senator Mike Martucci in noting the Governor's State of the States address said, “we are living in unprecedented times and that calls for strong leadership.”

The senator noted his support for mobile sports betting, greater access to telemedicine and providing our nurses with greater access to SUNY And CUNY schools.

He noted, “these are common sense, bipartisan ideas that I look forward to working on with the Governor.”

Senator Martucci with his comments on the State of the State address said, “however, one thing must be made crystal clear…New York does have a revenue and spending problem.”

Martucci called for “broad based tax increases to be off the table completely and additional ideas to raise revenue should not be a substitute for making the tough choices needed to address our multi-billion-dollar deficit.”

The first term state senator pointed out that he intends to work and protect “our seniors, fully fund our schools and defend the most vulnerable among us from painful cuts.”

Martucci wants to cut “wasteful spending like the Hollywood tax credit and invest that money directly in our communities instead.”

In talking about the state budget process Martucci pointed out that he ran for the state senate “with the goal of putting our families first.”