New York is being cautioned against raising taxes on its top earners as lawmakers consider plans to drum up more money from the state’s wealthiest.Â
A group of progressive Democratic state lawmakers have proposed a raft of tax reforms targeting New York’s ultra-rich that includes adding new tax brackets for the highest earners, increasing corporate taxes for the top companies, and setting wealth taxes on capital gains and inheritances.
Backers of the Invest in New York proposal say the package of reforms would drum up another $40 million to $50 million for the state’s education, housing and transportation needs.Â
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