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Tax Hike

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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
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