Paul L. Caron

Wednesday, November 30, 2011

Coumo Eyes Hiking Tax Rates on 'Wealthy'

Wall Street Journal, Cuomo Eyes Tax Rates:

New York Gov. Andrew Cuomo is considering an overhaul of the state's personal income tax rates that would raise revenue from the wealthy and lower taxes for others, said people familiar with his thinking. ...

[O]ne plan under review would create new, higher-income brackets. Wealthier New Yorkers would pay a higher rate than they did three years ago before the temporary tax hike, which expires this year. But they'd pay less than they did this year when the higher rates were still in effect. The higher rates would be packaged with tax breaks, possibly targeted at the middle class. ... A key question left undecided is who would pay the higher rates—just millionaires or also those with six-figure incomes.

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