New York plans to tax the rich more

Gov. Andrew Cuomo and local New York state officials are on the cusp of a budget deal that would require New York City’s wealthiest residents to pay the highest combined local tax rate. high in the United States, the New York Times understands.

According to the daily, this is a brutal consequence of the economic impact of the pandemic on local public finances. According to the newspaper, Governor Cuomo resisted such a move for years, arguing that raising taxes, especially on the wealthy, would drive businesses out of New York City. But the revenue deficits linked to the Covid-19 pandemic, combined with the rise of the progressive wing of the state legislature and the decrease in the governor’s power of influence, created a sudden momentum. for such a tax hike.

If enacted, the deal would raise revenues and corporate taxes to generate an additional $ 4.3 billion per year and potentially legalize mobile sports betting to generate an additional $ 500 million in new tax revenue.

Two new personal income tax brackets would be temporarily created: 10.3% for income between $ 5 million and $ 25 million, and 10.9% for income over $ 25 million, according to the details of this report. plan obtained by The New York Times.

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