New York to raise taxes on the wealthyDecember 7th, 2011 - 12:40 pm ICT by IANS
New York, Dec 7 (IANS) The state of New York will create multiple tax brackets for its citizens and slap higher taxes on the wealthiest residents in response to the sluggish national and state economies, a top official said.
New York state governor Andrew Cuomo announced Tuesday that he and other legislative leaders reached a deal to raise taxes on the wealthiest people, Xinhua reported.
The tentative agreement includes higher tax rates on the state’s top earners and a tax cut for the middle class.
“This would be lowest tax rate for middle class families in 58 years,” Cuomo said.
“This job-creating economic plan defies the political gridlock that has paralysed Washington and shows that we can make government work for the people of this state once again.”
The current tax policy of New York includes taxing any individuals who earn $20,000 or more, as well as couples who earn $40,000 or more, at the same 6.85 percent rate.
Individuals who earn more than $200,000 a year, and couples who earn more than $300,000, have been subjected to a tax surcharge called a “millionaires’ tax”.
According to media reports, a civil society movement recently dubbed Cuomo “Gov. 1 Percent” for protecting the rich, many of whom are his political donors.
- Obama urges Congress to pass 'Buffett Rule' for higher tax on rich - Mar 31, 2012
- Biden presses Congress to pass Obama's jobs bill - Nov 05, 2011
- John Boehner's Stand On Tax Cuts Provokes A War Of Words - Sep 13, 2010
- Budget blues: People not impressed - Mar 16, 2012
- Obama argues against tax cuts for rich - Sep 09, 2010
- Obama presses jobs plan passage to bridge income gap - Oct 30, 2011
- Mitt Romney releases tax returns - Jan 25, 2012
- Minority Leader John Boehner softens his position on tax cuts - Sep 13, 2010
- US Senate to vote on key new tax measures for middle class - Dec 13, 2010
- Budget blues: People not impressed (Lead) - Mar 16, 2012
- Budget sops welcomed by young and old alike - Feb 28, 2011
- 240,000 suggestions on China's tax change - Jun 01, 2011
- House Republican leader open to Obama tax cut proposal - Sep 13, 2010
- Job creation, economic growth Obama's top priority - Aug 06, 2011
- Lindsay joins 'No Hate' campaign - Jun 27, 2011
Tags: andrew cuomo, economic plan, government work, governor andrew, legislative leaders, middle class families, millionaires, new york dec, new york state governor, paralysed, political donors, political gridlock, state economies, state of new york, tax brackets, tax rate, tax rates, tentative agreement, top earners, xinhua