With New York State’s $200 billion budget deadline in the rear-view mirror the state risks being unable to make payroll today for thousands of public employees. The head of the Rockland Business Association Al Samuels says the suggestion that the wealthiest New Yorkers have their taxes raised is a bad idea…
Several media outlets reported a deal was reached over the weekend to raise personal income taxes less than a percent for those with more than a million dollars in annual income to 9.65 percent. Income earners between $5 million and $25 million would be taxed at 10.3 percent, and those above $25 million would be taxed at 10.9 percent. These rate changes would be expected to raise more than $4 billion in annual revenue for the state.