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Daily Tax Report: State

Cuomo Worst-Case Budget Seeks Tax Hike on NYC Top Earners (1)

Jan. 19, 2021, 6:30 PM; Updated: Jan. 19, 2021, 11:40 PM

New York Gov. Andrew Cuomo unveiled a budget proposal on Tuesday that could lift the top income-tax rate for New York City residents to a record level to help close a two-year $15 billion gap if the Biden administration fails to deliver on a slice of the $350 billion in promised state and local aid.

New Yorkers taxed at the top rate of 8.82% could see their personal income tax rate jump to 10.86%. That figure, combined with local taxes in New York City, would drive up the tax rate for city residents to 14.7%, becoming the highest combined local...

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