New York Democratic lawmakers seek tax increases on the rich

[RandySF]

Democratic state lawmakers are pushing for a tax increase on the wealthiest New Yorkers this year in the state budget negotiations as Gov. Kathy Hochul has touted her plan that does not seek hikes in the state's personal income tax rates.

Budget proposals made public Tuesday by Democrats in the state Senate would increase taxes on New Yorkers who earn more than $5 million a year.

The positions will put lawmakers at odds with Hochul, whose $227 billion budget proposal does not increase the personal income tax rates and moves forward with reductions for middle-income earners.

Both measures were released separately on Tuesday by Democrats in the state Senate and Assembly. But the proposals align on taxes: The plans would raise the personal income tax from 10.3% to 10.8% for New Yorkers who earn between $5 million and $25 million a year.

The tax rate for people who earn more than $25 million would increase from 10.9% to 11.4% under the Democratic proposals.


https://www.ny1.com/nyc/all-boroughs/ny-state-of-politics/2023/03/14/new-york-democratic-lawmakers-want-to-increase-taxes-on-the-richest-new-yorkers

[Alexander Of Assyria]

1. That's not the Rich they taxing, that's the Gilded Class...over $5 million a year income.