Governor Andrew Cuomo and leading state legislators have reached a tentative agreement that will allow the New York millionaires' tax to expire, but create new tax brackets and change some rates in an attempt to address the $3.5 billion budget gap, lessen the burden on middle-class residents, and piss off Mayor Bloomberg. Under the new deal, New Yorkers making over $2 million would pay 8.82 percent state income tax, while anyone making under $300,000 would get a tax cut. Those making between $40,000 and $150,000 would pay a 6.45 percent tax, and anyone making between $150,000 and $300,000 would pay 6.65 percent. Previously, individuals earning more than $20,000 and couples earning more than $40,000 were taxed 6.85 percent (plus a surcharge, or the "millionaires' tax," for those making more than $200,000 a year individually or more than $300,000 on a joint return.) While extending the current "temporary" rates for top earners, which were adopted in 2009, would have raised about $4 billion for the state, the new plan is expected to bring in $1.9 billion. Related: Why Andrew Cuomo Should Proudly Tax the Rich [NYM]
Photo: Jemal Countess/2011 Getty Images
- 1. 20 Things Worth Knowing About Toronto’s Crack-Smoking Mayor, Rob Ford
- 2. Netflix Adultery Afflicts Half of Relationships, Says Netflix
- 3. In Touch’s ‘Kanye Is Gay’ Story Is Awful
- 4. Could Harvey Weinstein Make History With Three Black Best Actor Oscar Candidates?
- 5. Kim Kardashian’s Tortured, Swollen Feet: A Lament
- 6. Take Vulture’s Arrested Development Superfan Quiz
- 7. Gay Man Fatally Shot in Greenwich Village in Alleged Hate Crime
- 8. Cannes Day 3: Marion Cotillard, Eva Longoria, and an Extraordinary Dress Made of Biscuit Trays
- 9. Beyoncé Really Is Pregnant, Says E!