Lawmakers pitch tax hikes on high earners in New York

View of the New York state Capitol in Albany, N.Y.
View of the New York state Capitol in Albany, N.Y.(Hans Pennink | AP)
Published: Feb. 17, 2021 at 12:28 PM EST
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ALBANY, N.Y. (AP) - Several New York lawmakers are proposing a tax hike on individuals making at least $300,000 in New York in hopes of bringing in an estimated $15 billion in annual revenue.

It’s the latest proposal to raise taxes on high-earners, and is the only legislation so far this year to propose raising taxes on people making below $1 million. Supporters say the bill will provide needed annual revenue for a state hit hard by the pandemic and minimize New York’s need to depend on more federal COVID-19 relief.

But Gov. Andrew Cuomo’s budget office spokesperson said the legislation would move New York from the nation’s second-highest income tax to number one.

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