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State Tax

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Billions In New Taxes On Wealthy New Yorkers Proposed Billions In New Taxes On Wealthy New Yorkers Proposed
Billions In New Taxes On Wealthy New Yorkers Proposed New York’s lawmakers have proposed budgets that include nearly $7 billion in new and increased taxes on businesses and the rich. Over the weekend, both houses of the state legislature proposed the tax hike on New York’s wealthiest to help close the record $15 billion financial shortfall the state faces due to the COVID-19 pandemic. Though New York is due to receive an influx of cash from President Joe Biden’s COVID-19 relief bill, legislators believe that the gap still needs to be closed and that the tax on the rich could aid that effort. New York is expected to receive approximately $23.5…

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by Zak Failla