NY Speaker Heastie wants higher taxes on millionaires
A long-awaited tax proposal from Democrats in the New York State Assembly would increase taxes on millionaires while giving tax relief to middle-class and low-income workers, a shift they said would raise $1.2 billion in new revenue while making the state income tax more equitable.
The plan, which Speaker Carl Heastie outlined for the Associated Press on Monday before publicly unveiling it Tuesday, will run into significant opposition in the Republican-led Senate but will give Democratic lawmakers leverage as they negotiate the state budget over the new few months.
Under the proposal, the state’s current top income tax rate of 8.82 percent would be applied to anyone making between $1 million and $5 million a year. Two new, higher rates would be created for higher brackets: 9.32 percent for those making between $5 million and $10 million, and 9.82 percent on more than $10 million.