Bloomberg cool to new state tax proposal

NEW YORK, Dec. 5 (UPI) -- A report that New York Gov. Andrew Cuomo was considering raising taxes for the wealthy was given a tepid reception by New York Mayor Michael Bloomberg.

Bloomberg said the governor's time would be better spent getting state spending under control and improving the economy.

"Fundamentally, you cannot tax your way out of problems," Bloomberg said at a news briefing. "You've got to get your expenses under control and build the economic base so that if you have tax revenue increases they should come from an expanded economy as opposed to expanded tax rates."

Bloomberg was responding to a report in The New York Times that said Cuomo briefed state officials behind closed doors Sunday on a plan to increase spending on infrastructure projects while creating at least one new tax bracket for high-income residents and lowering the rate for middle-income taxpayers.

The Times said Cuomo and Bloomberg have been at odds in the past over economic policy.