A group of progressive Democratic lawmakers last week called on the governor, also a Democrat, to declare a fiscal emergency, and proposed a $3 billion legislative package of new spending on education, property-tax relief, a one-time stimulus payment of $500 for people who lost their jobs during the pandemic, and other measures.
Lawmakers proposed paying for these new spending items by raising taxes on the wealthy and on corporations to produce more than $4 billion in new revenue annually. The proposal includes establishing a 5% surtax on capital gains for individuals making more than $500,000 annually and raising the state’s top income-tax bracket to 12.696%, the second highest in the nation after California.
Author(s): Joseph De Avila
Publication Date: 7 February 2021
Publication Site: Wall Street Journal