With $212 billion budget deal, N.Y. set to become highest-taxed state

With $212 billion budget deal, N.Y. set to become highest-taxed state
Andrew Cuomo (Image: YouTube screen grab)

[Ed. – Really?  212 billion? (I.e., Manhattan’s iconic area code.)  C’mon man.  Gotta leave something for California.]

Gov. Andrew Cuomo and state lawmakers reached a new budget deal in Albany early Wednesday morning. …

The personal income tax rate for New Yorkers making over $1 million and couples earning more than $2 million will rise from 8.82% to 9.65%. The corporate franchise tax rises from 6.5% to 7.25% for businesses making more than $5 million annually. …

Andrew Rein of the Citizens Budget Commission also said the hikes could push some to leave.

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“The budget enacts tax increases for the wealthiest New Yorkers and corporations making New York the highest taxed state in the nation, which increases the chance that New Yorkers leave and take their tax dollars with them,” Rein said.

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