Millionaires in NYC set to face highest tax rate in US

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AP-File photo(AP Photo/Seth Wenig, File)
Published: Apr. 6, 2021 at 6:08 PM EDT
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ALBANY, N.Y. (AP) - The highest-earning New Yorkers would face the nation’s steepest income tax rate under a budget debated by lawmakers Tuesday.

The expected tax hike is a win for the Democratic Party’s left wing, which says millionaires in Manhattan penthouses have fared far better amid the pandemic than struggling small businesses and low-income New Yorkers.

States including California, Minnesota and Washington are also considering wealth taxes, raising taxes on capital gains or setting new top income tax rates.

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