ALBANY, N.Y. — 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.