Assembly Speaker Carl Heastie is proposing new income tax brackets on New York’s wealthiest, with a top tax rate of over 10 percent on those making more than $100 million a year.
The new tax brackets proposed by Assembly Democrats would raise rates on those making more than $1 million a year, as Gov. Andrew Cuomo has outlined in his budget.
But new, higher rates would apply to those who make more than $5 million and $10 million, with a top bracket of 10.32 percent for New Yorkers who earn more than $100 million a year.
Michael Kink with the progressive group Strong Economy for All said it’s only fair. “New York’s millionaires and billionaires have seen explosive income growth over the last couple of decades,” Kink said. “And our tax laws haven’t kept up with that income growth.”
The measure is expected to have trouble passing the state Senate, where Republicans lead.
"Senator Flanagan and the members of our Republican conference are focused on cutting taxes and making New York more affordable for the middle class," said Senate GOP spokesman Scott Reif.