Assembly Democrats: Hike Taxes on "Those Who Can Most Afford It"

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. 

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Source: The Buffalo News (via The Empire Report)