Interesting take on Cuomo's new tax plan.
While the new program helps married couples whose combined incomes are less than $300k a year, he is also taking a page out of Obama's proposed "millionaire's tax" by increasing taxes for those with higher incomes.
The key to this however, is to make sure that Albany's spending is kept in check. With tax rates for high-income earners approach close to 50% (including city, state, etc.), it's important to appease his donors by ensuring that money isn't being wasted.
The proposed plan is expected to earn close to $2 billion in state revenue.
-AB
No comments:
Post a Comment