Albany Agrees on a Plan to Raise Taxes on Top Earners

[babsbunny]

http://www.nytimes.com/2009/03/29/nyregion/29tax.html?_r=2&hp

By NICHOLAS CONFESSORE
Published: March 28, 2009

Gov. David A. Paterson and leaders of the Legislature have reached a deal to temporarily raise taxes on New York’s highest earners in order to close the state’s yawning budget deficit, lawmakers and officials involved in the talks said on Saturday.

The new plan, which would expire after three years, would represent the largest state income tax increase in recent history, significantly larger than the surcharges imposed from 2003 to 2005, when the state last faced a major recession.