New York Mulls Taxing Pot, Ultrarich Among Budget Solutions

Imposing a stock transfer fee, pausing scheduled middle-class tax cuts, and legalizing and taxing adult-use marijuana are just a few proposals on the table as New York state looks for revenue to fill its ever-growing budget gap.

Budget discussions already have begun, with about $16 billion in red ink projected for fiscal 2022, which begins April 1, and $14.9 billion for the current fiscal year.

New York was one of the states hardest hit by the coronavirus pandemic in the spring, in both the toll from thousands of new cases per day and an economy ravaged by shutdowns and crowd ...