Lawmakers pitch tax hikes on high earners in New York
Several New York lawmakers are proposing a tax hike for individuals making at least $300,000 per year 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. The bill’s left-wing backers include Deputy Majority Leader Michael Gianaris, New York City Public Advocate Jumaane Williams and the Working Families party.
Supporters say the tax hike would help relieve the huge drain on state revenue cause by the pandemic and avoid Gov. Andrew Cuomo’s proposal to cut state-spending 5% across-the-board and delay the start of new middle class tax cuts for one year.