New York Governor Andrew Cuomo speaks during a news conference at LaGuardia Airport's new Terminal B, during the outbreak of the coronavirus disease in New York City, New York, U.S., June 10, 2020Top-earning New York City residents may have to pay 14.7% income tax, Gov. Cuomo warned Tuesday.A tax hike depends on whether Washington helps plug New York state's budget deficit, partly caused by the COVID-19 pandemic, Cuomo said.
It's possible that Washington would only give the state $6 billion in a "worst-case scenario," he said. If this is the case, he would hike taxes to cover the difference. Combined with local taxes, New York City's top earners would have to pay 14.7% income tax. The current highest rate of income tax in the US is California at 13.3%, Cuomo said.With Elon Musk moving to Texas, the world's 3 richest people are set to pay a whopping $0 in state income taxes. Here's why 9 US states don't collect any income taxes.
"We have a plan in place, a strength that we have not had before and I believe our future is bright, but Washington must act fairly if we are to emerge on the other side of this crisis," Cuomo said.The $15 billion deficit is the highest in New York's history, Cuomo said. The state's biggest deficit prior to this was $10 billion, which Cuomo said was "very very hard" to manage.
graceldean Don't be shy put some more
Good
Expect the exodus to continue
Andrew Cuomo makes an offer Biden can't refuse.
Haha! Love it. Bye New York.
😂