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Democrats have said those tax hikes, coupled with other revenue raisers targeted at the wealthy, could generate more than $8 billion for the state each year.
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“If you’re not careful the way you do it, you may actually lose money for the state because businesses and residents will make changes.”
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Cuomo’s plan would add a new, higher income tax bracket for New Yorkers making over $5 million a year. The wealthy would have the option of prepaying their taxes for the next two years at the 2020 rates.
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A study by left leaning groups calculates that the state’s billionaires saw their earnings and investments rise by 16.8% during the first ten months of the pandemic.
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Mayor Bill de Blasio spent the better part of three hours on Thursday morning asking state lawmakers to empower localities to fight the pandemic and distribute vaccines, and raise taxes on ultra-wealthy New Yorkers.
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The steepest decline in sales tax collections happened during the peak of the pandemic, when sales tax collections dropped by about 27% statewide.
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It would lead taxes to skyrocket for some of the wealthiest taxpayers, “which would be the highest income tax in the nation.”
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The Assembly Leader said it would be ideal to approve tax hikes on the rich before the start of the year instead of waiting to address the issue as part of the state budget in March.
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Governor Cuomo had said on Sept. 10 that New York might have to raise taxes to deal with its massive budget deficit but has since walked back those comments.
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The bulk of New Yorkers, over 9 million, have already filed their taxes, but around 1.3 million have not and are expected to do so by Wednesday.