NY Progressives Want to Tax the Rich. Does Governor Hochul?

By Christopher Robbins

Hellgate NYC

The 2021 tax increases created new temporary tax brackets for New Yorkers earning over $1 million, $5 million, and $25 million, but the Invest in Our NY coalition wants to make those permanent, and create even more brackets across the spectrum of the top five percent of taxpayers. They're also seeking to extend the higher corporate tax rates that are supposed to expire next year. Both of these actions would raise $24 billion, according to the group. A tax on inheritances above $5 million and a tax that would treat capital gains like income would raise another $15 billion.

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