Noam Galai/Getty Images New York City millionaires will soon be subject to the country's highest tax rate, The NYT reported. Cuomo finalized a budget Tuesday that would see New Yorkers pay 13.5% to 14.8% in local and state taxes. If Biden raises the top federal income tax rate to 39%, more than half of NYC top earners' income could go to taxes. New York City millionaires will soon be subject to the highest tax rate in the country. Gov. Andrew Cuomo and state legislative leaders finalized a $212 billion budget proposal for 2022 on Tuesday that's set to raise an extra $4.3 billion a year by raising income and corporate taxes, The New York Times' Luis Ferré-Sadurní and Jesse McKinley reported. The proposal calls for two new personal income-tax brackets, set to expire by the end of 2027, per exclusive details given to the Times earlier this week.