New York lawmakers proposed a new personal income tax increase for individuals earning more than $5 million and a child tax credit expansion, according to budget outlines released Tuesday.
Lawmakers in the Senate and Assembly agreed in separate plans to increase the personal income tax rate to 10.8% from 10.3% for taxpayers earning between $5 million and $25 million for tax years 2023 to 2027. They also pitched raising the current 10.9% tax rate to 11.4% on taxpayers earning more than $25 million for the same five-year period.
The proposals by the Democratic-led Legislature could ...