Millionaires in NYC set to face highest tax rate in US
3 years, 8 months ago

Millionaires in NYC set to face highest tax rate in US

Associated Press  

ALBANY, N.Y. — The highest-earning New Yorkers would face the nation’s steepest income tax rate under a budget lawmakers expected to vote on and pass Tuesday. New York’s top income tax rate is currently 8.82% for income over roughly $1 million, while New York City residents face an additional 3.88% top tax rate. New York is now set to raise the combined top tax rate for New York City millionaires above California’s top income tax rate of 13.3%. Cuomo expressed newfound openness to raising taxes on top-earners this year — his budget proposal included a limited, temporary tax increase on high-earners if New Yorkers didn’t receive extra COVID-19 aid.

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History of this topic

1 in 24 New Yorkers is a millionaire as world’s wealthiest cities ranked
7 months, 2 weeks ago

1 in 24 New Yorkers is a millionaire as world’s wealthiest cities ranked

The Independent  

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Wealth of the top 1% in U.S. hits all-time high of $45 trillion
8 months, 3 weeks ago

Wealth of the top 1% in U.S. hits all-time high of $45 trillion

Raw Story  

Data released by the Federal Reserve on Thursday shows the top 1% of Americans are the richest they've ever been. The new data reveals that at the end of the fourth quarter last year they had a record $44.6 trillion in wealth. The main driver of wealth gains last year was from the stock market hitting record highs. Sen. Elizabeth …

New York’s highest earners face tax increases under state proposals
3 years, 9 months ago

New York’s highest earners face tax increases under state proposals

Live Mint  

Democrats who dominate the New York state Assembly and Senate are pushing to increase taxes on the state’s top earners beyond the level proposed earlier this year by Gov. Freeman Klopott, a spokesman for Mr. Cuomo’s budget office, said staffers for the governor and Legislature “have begun negotiations as they do every year along a constitutionally defined process." Andrew Rein, …

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