'Highest in the country': Cuomo plans to significantly raise taxes in New York
'20.01.2021'
Olga Derkach
New York Governor Andrew Cuomo has proposed raising taxes for the wealthy to an aggregate level of 14,7%, the highest local tax rate in the country. Writes about it CNBC.
The tax hike will bring the state $ 1,5 billion a year, Cuomo said as he talked about his 2022 budget proposal.
The move will be part of a three-pronged approach - increasing revenues, cutting spending, and leveraging borrowing - to cover the state's historic budget deficit stemming from the COVID-19 pandemic, Cuomo said.
“New York cannot handle the $ 15 billion deficit,” Cuomo said. Prior to the pandemic, the state's largest budget deficit was $ 10 billion.
On the subject: New York wants to raise taxes: what options is the government considering
“This is beyond what we can fight,” added Cuomo.
The state will raise the top tax rate to 10,86% from 8,82%, Cuomo said. This will give a maximum combined rate of 14,7% for the state's richest residents.
“This will be the highest local income tax in the country,” Cuomo said.
