N.Y. 'Millionaire Tax' Set To Expire

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.
by | 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.

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