The Invest in Our New York Act is a package of six bills hiking state taxes by $50 billion a year.
Numbers out of context are meaningless. Why not raise taxes by $200 billion, or heck, $90 trillion? But in the context of the New York state budget, $50 billion is an unprecedented hike. Without the pandemic and lockdowns, the state likely would have taken in $90 billion in taxes this coming fiscal year, meaning the bill’s proponents want to raise taxes by close to 60 percent.
A sample of the new taxes: first, on high-income labor. A single filer with $1 million in income would see a 23 percent state tax hike, to 8.41 percent, up from 6.85. A filer making $10 million would see a 48 percent hike, to 12.14 percent, up from 8.82 percent.
Author(s): Nicole Gelinas
Publication Date: 28 February 2021
Publication Site: NY Post