NYC Top Earners Face Highest Income Tax in the Country

NTD Newsroom
By NTD Newsroom
January 21, 2021NTD Business
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New York City’s top earners could face the highest income tax in the United States if the government doesn’t send $15 billion dollars in aid.

Governor Andrew Cuomo says he might raise taxes to a combined level of 14.7 percent for New York’s wealthiest residents.  That’d be the highest state-and-local tax rate in the country.

He says it would raise $1.5 billion dollars and “cover the state’s historic budget shortfall” due to the virus.

Cuomo said the previous record deficit was $10 billion dollars. Now it’s $15 billion dollars. He wants the Biden administration to cover it, by giving New York $15 billion dollars in aid for the next two years.

But he says he’s concerned the increase would make wealthy New Yorkers leave the state. The top 2% already give around half the state’s income tax revenue. State Democrat lawmakers support Cuomo’s tax increase proposal.

Meanwhile, the top Republican in the state assembly said Cuomo’s “passing the buck on to Washington, D.C.”

If the federal government gives New York the extra aid, Cuomo promises new initiatives to help New York recover from the pandemic.

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