By Tom Precious
ALBANY – The rich – and super-rich – are being asked to pay billions
of dollars more in state income taxes under a plan Assembly Democrats
unveiled Thursday.
The higher tax rates – including a 10.32 percent rate for the roughly
100 people with New York taxable incomes over $100 million annually –
will bring in about $5.6 billion in additional annual revenues for the
state.
Assembly Speaker Carl Heastie said the revenues will help pay for
schools, health care and other priorities and will come from higher tax
rates imposed on “those who can most afford it.’’
The proposal will be a struggle to get passed as part of this year’s
budget talks. Senate Republicans already said they want to cut taxes,
not raise them, and they oppose extending a current surcharge on
individuals making over $1 million annually. That surcharge, which Gov.
Andrew Cuomo believes should be extended, is due to expire at the end of
the year.
Click here for the full article.
Source: The Buffalo News (via The Empire Report)
No comments:
Post a Comment