Tuesday, April 6, 2021

Millionaire New York City Residents Could Soon Be Paying Highest Taxes in United States

Here is one way to chase the productive class out of New York and New York City.

Gov. Andrew Cuomo and state legislative leaders are coming close to agreeing on a 2022 budget proposal that would create an extra $4.3 billion a year by raising income and corporate taxes, reports The New York Times.

 The plan calls for two new personal income tax brackets.

Individuals earning over $1 million and couples bringing in over $2 million would see tax rates climb from 8.82% to 9.65%. But it jumps for those earning between $5 million and $25 million to 10.3%.

 It then increases to 10.9% for those earning over $25 million.

New York City residents will pay additional local taxes--in addition to state and federal taxes. And this doesn't include sales taxes, property taxes, etc.

The city already has a top income tax rate of 3.88%. If the budget proposal is approved, they would be paying out between 13.5% and 14.8% in combined state and city income taxes.

The current marginal income tax rate high in the country is 13.3% for top earners in California.


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