Breadcrumbs
Home / NY: Assembly Considers Tax On Wealthiest New YorkersNY: Assembly Considers Tax On Wealthiest New Yorkers
Last Updated on Thursday, 6 March 2008 02:56 Written by rslcpol Thursday, 6 March 2008 02:56
ALBANY, N.Y. (AP) — The Assembly’s Democratic majority on Wednesday proposed a temporary increase in income tax paid by New Yorkers making more than $1 million a year.
The plan, expected to be in the Assembly’s budget proposal next week, would raise $1.5 billion annually, said Dan Weiller, spokesman for Assembly Speaker Sheldon Silver.
The measure would raise the income tax from 6.85 percent to 7.7 percent for New Yorkers making more than $1 million a year. The first year’s revenue would go to the general fund, which the state uses to fund most functions and from which it will need to fill a $4.8 billion deficit.
Read the Rest…