Cuomo Strikes Deal to Raise Taxes on the Wealthiest #mapoli #whynotus

 

ALBANY — Gov. Andrew M. Cuomo and legislative leaders on Tuesday announced that they had reached an agreement to raise taxes on New York state’s wealthiest residents as part of a deal to overhaul the state’s tax rates.The leaders, seeking simultaneously to make the state’s income tax system more progressive and to boost tax collections during a down economy, announced their agreement as lawmakers began to arrive at the Capitol for an expected special session of the Legislature later this week.

 

The tentative agreement would not only raise taxes for the wealthy, but would also cut taxes for the middle class, by creating four new tax brackets and tax rates. The officials said the tax rate changes would generate $1.9 billion in annual revenue for the state.