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Politics
Cuomo Proposes Raising Taxes On Wealthiest NYers Cuomo Proposes Raising Taxes On Wealthiest NYers
Cuomo Proposes Raising Taxes On Wealthiest NYers With New York facing a record-setting $15 billion deficit amid the COVID-19 pandemic, Gov. Andrew Cuomo’s budget proposal includes a potential tax hike for the state’s wealthiest residents. In his budget proposal this week, Cuomo proposed raising taxes on the rich to a combined level of 14.7 percent, which would be the highest state and local tax rate in the nation as New York looks to dig out of the financial hole created during the pandemic. The top tax rate would rise to 10.86 percent, up from 8.82 percent, making it the highest income tax in the nation. It would only impact those making…

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by Zak Failla
Politics
Proposed $1.25B Budget Would Raise Taxes 2.5 Percent In Yonkers Proposed $1.25B Budget Would Raise Taxes 2.5 Percent In Yonkers
Proposed $1.25B Budget Would Raise Taxes 2.5 Percent In Yonkers Yonkers Mayor Mike Spano has introduced a proposed $1.25 billion budget for 2019-2020, though the city still faces financial challenges. The proposed spending plan includes a 2.5 percent tax increase for residents that will represent an increase in the average taxpayer’s bill by approximately $350, though there are no cuts in essential services. The budget also calls for new city jobs in the water and housing departments. The proposal marks a 4.7 percent ($55 million) increase from last year, and must be approved by June 1. Public hearings have been scheduled beginning at the end of the mon…

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by Zak Failla