By Tom Borelli
According to the New York Times, NY Governor Andrew Cuomo is working with the state’s legislature to keep a high tax rate for incomes over $1 million. Originally passed as a short-term fix to a revenue shortfall in 2011, Cuomo is looking to extend it past its current expiration date of 2014 – an election year.
The top tax bracket is 8.82 percent and currently hits about 32,000 New Yorkers.
A New York business group claimed “the deal to increase federal taxes brought the combined marginal effective tax rate for New York City’s highest incomes to 54 percent, and that the extension in Albany would only further the state’s reputation for high taxes.”
Cuomo’s policies on taxes and gun control shows he is a classic progressive who will do everything in his power to grow government and reduce liberty. Taxing more than half of an income is clearly outrageous and it could be the last straw that drives the wealthy out of New York.