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New York poised to hike taxes on millionaires, Wall Street
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New York is set to raise taxes on its wealthiest residents after Gov. Andrew Cuomo and legislative leaders reached a tentative agreement that would make the state's millionaires pay the highest income rate in the nation.
The New York Times reported on Monday that the State Assembly and Senate neared a deal to hike taxes on New Yorkers worth more than $1 million, part of a broader budget plan that would generate an additional $3.4 billion for the state.
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Although Cuomo has resisted such a move for years — he's repeatedly argued that high taxes will force wealthy New Yorkers to flee the state — the embattled governor has seen his influence wane in recent months amid a slew of sexual harassment allegations.
The state would temporarily establish two new personal income tax brackets: 10.3% of income for income between $5 million and $25 million, and 10.9% for income over $25 million. The new rates would expire at the end of 2027. Rates would also increase to 9.65% (from the current levy of 8.82%) for individuals earning more than $1 million.