New York's millionaires will pay higher taxes while 4.4 million middle-class and upper-income New Yorkers will get tax cuts under a reform plan the governor and legislature unveiled on Tuesday, CNBC reports.
The new top income tax rate for those who earn more than $2 million will rise to 8.82 percent. Without the agreement, this rate would have fallen to 6.85 percent from the current top rate of 8.97 percent because a surcharge expires this year.
The pact, which still must be approved by both houses of the legislature, cuts the current rate for those who earn $40,000 to $150,000 a year to 6.45 percent from 6.85 percent.
Because of the surcharge, the highest tax rate will fall but the middle-class will be paying the lowest rate in 58 years. The governor's ability to forge a consensus contrasts with the federal government's impasse on revising income tax rates….
Read more at http://www.cnbc.com/id/45571324
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