State News
| More

N.Y. 'Millionaire Tax' Set To Expire

BY: | New York | October 28, 2011



A tax on New York's wealthiest residents is set to expire at the end of the year, reports NPR, and Gov. Andrew Cuomo is urging lawmakers not to extend it.

The 'millionaires tax' was approved as a temporary measure in 2009, but poll numbers show New Yorkers overwhelmingly support extending it. New York is facing a projected $2 billion budget deficit next year, and residents hope keeping the tax could help minimize cuts to state services.

But Cuomo, a Democrat, promised not to raise taxes on the campaign trail and fears an extension could drive wealthy residents into neighboring states.

"The competitiveness of this state is hurt when you're one of the highest tax states in the nation, and businesses and people are more mobile than ever before," Cuomo said.

View Full Story From NPR

If you enjoyed this post, subscribe for updates.

Comments



Add Your Comment

You are solely responsible for the content of your comments. GOVERNING reserves the right to remove comments that are considered profane, vulgar, obscene, factually inaccurate, off-topic, or considered a personal attack.

Comments must be fewer than 2000 characters.
Most Viewed
This Section    |    Whole Site
Comments


Training Opportunities

Featured on Governing.com





GOVERNING Data

Events & Webinars



More Events & Webinars


© 2011 e.Republic, Inc. All Rights reserved.    |   Privacy Policy   |   Site Map