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New York Proposes Higher Tax Rate for Millionaires

Nueva York - El American

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New York State lawmakers are discussing the possibility of approving budgets that include a tax hike on the region’s millionaires.

The tax agreement seeks an extra income of 4.3 billion dollars, which would be obtained thanks to the new rate and would be established until 2027 to the largest fortunes, several local media report.

Individuals with incomes over $1 million would see their state taxes go up to 9.65% from the current 8.82%.

Likewise, people with more than $5 million in earnings would pay 10.3 % and those earning more than $25 million would have to leave 10.9 % of their profits to the state coffers.

In addition to the state taxes, the 3.88% tax charged by the city on the highest incomes would have to be added, so that the range for millionaires would be between 13.5% and 14.8%.

So far, California is the state that taxes the wealthiest with a tax rate of 13.3% for people with more than one million dollars in income.

In addition, lawmakers are also discussing the possibility of raising the corporate franchise tax from the current 6.5% to 7.25% through 2023.

Republican legislators, a minority in both chambers, believe that this increase is not necessary and have insisted that the budget deficit can be addressed with the aid approved by the Federal Government, which includes a general fund of $12.6 billion and an additional one for education and health programs.

For months there has been a high migration of New Yorkers fleeing to states such as Florida or Texas, which are friendlier to their finances and the creation of new jobs. The punishment of wealth practiced in California and New York has caused large capitals to decide to leave their territory.

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