Alan Goldenberg News Today

Though Florida and Texas famously have no personal-income tax, they still have to generate state revenue — so they hike up other types of tax.

Provided by Dow Jones By Karen Langley Taxes are going up for New Yorks highest earners. Legislation passed Wednesday raises income-tax rates on single filers with more than about $1.1 million of income and joint filers reporting more than about $2.2 million. The changes mean top earners in New York City will be subject to the highest combined local tax rate in the country. Income-tax increases are part of a broader state budget deal supported by Gov. Andrew...

Governor Andrew Cuomo’s Office Deals to raise taxes on New York’s millionaires and companies could send both fleeing the state, business leaders and fiscal experts warn — unless Washington steps in and restores some old deductions. Even as legislative leaders and Gov. Andrew Cuomo had yet to officially seal an agreement on New York’s second straight pandemic budget, all indicators pointed to the state levying the country’s biggest income tax on the wealthy. The $4 billion-plus income...