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Wealth Tax

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