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Lawmakers reaching crunch time: Delayed NY budget could impact state employee paychecks if not passed Tuesday

N Y s Highest Earners Face Tax Hikes Under Proposed Budget Deal

New York Gov. Andrew Cuomo N.Y.’s Highest Earners Face Tax Hikes Under Proposed Budget Deal The richest New York City residents would pay the highest combined state and city tax rates in the U.S., surpassing California. Keshia Clukey and Donna Borak | Apr 05, 2021 (Bloomberg) New York Governor Andrew Cuomo and state lawmakers have reached a tentative agreement to raise taxes on the wealthiest New Yorkers as part of a roughly $200 billion state budget deal expected to be announced as early as Monday, according to a person familiar with the negotiations. The richest New York City residents would pay the highest combined state and city tax rates in the U.S., surpassing California, and income-tax rates would temporarily increase to 9.65% from 8.82% for single filers earning more than $1 million, according to the person, who wasn’t authorized to speak publicly because a final budget hasn’t been reached.

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