Gov. Andrew Cuomo presented a balanced approach to fixing the budget in the State of New York this week, in his 12th month in office. Promising.
(Reuters) – New York’s millionaires will pay higher taxes while 4.4 million middle-class and upper-income New Yorkers will get tax cuts, under a reform plan the governor and legislature unveiled on Tuesday.
The new top income tax rate for those who earn more than $2 million will rise to 8.82 percent. Without the agreement, this rate would have fallen to 6.85 percent from the current top rate of 8.97 percent because a surcharge expires this year.