New York Governor Andrew Cuomo speaks during a news conference at LaGuardia Airport's new Terminal B, during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., June 10, 2020
REUTERS/Brendan McDermid
Top-earning New York City residents may have to pay 14.7% income tax, Gov. Cuomo warned Tuesday.
This would be the highest income tax in the US, ahead of California in second place.
A tax hike depends on whether Washington helps plug New York state's budget deficit, partly caused by the COVID-19 pandemic, Cuomo said.
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New York City's top earners may soon face the highest income tax rates in the country if the White House doesn't help the state recover from its $15 billion deficit, Gov. Andrew Cuomo has warned.As part of a 2022 budget proposal announced Tuesday, Cuomo said he may have to raise taxes to 10.86% for the state's wealthiest earners. On top of local taxes, this could leave some residents paying 14.7% income tax, he said.In an
address, Cuomo called for the federal government to provide New York with $15 billion in emergency pandemic relief.It's possible that Washington would only give the state $6 billion in a "worst-case scenario," he said. If this is the case, he would hike taxes to cover the difference.
