NY speaker wants higher taxes on millionaires

Posted at 6:49 AM, Feb 02, 2016
and last updated 2016-02-02 06:49:36-05

A long-awaited tax plan from the New York Assembly's Democratic majority would increase taxes on millionaires while giving relief to middle-class and low-income workers.

Speaker Carl Heastie tells The Associated Press that under the Democratic plan, the current top income tax rate of 8.82 percent would be applied to anyone making $1 million to $5 million a year, and two new, higher rates would be imposed on those making more.

Some 56,000 taxpayers would be affected, with an average tax increase of $33,000.

The proposal also would reduce rates for middle class workers to give 5.5 million taxpayers an average savings of $50, and increase the earned-income tax credit for low-income workers.

Heastie is to unveil the plan Tuesday. It's likely to face significant opposition in the Republican-led state Senate.





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