- By Ely Márquez
- (General Dispatch) – According to a budget plan designed by New York City legislators, citizens with the highest incomes will possibly have to pay the highest state and municipal income tax rate in history.
- In this order of ideas, the regulation establishes that all those persons who obtain an annual income greater than or equal to one million dollars immediately qualify to pay the tax.
- At the same time, the assessment will be set at 9.65% after having been anchored at 8.82%, also including those taxpayers who earn more than two million dollars a year.
- In addition, New York City will include a maximum income tax rate of 3.88%. This means that the state and local tax rate is set at 13.53%.
- Consequently, the taxation of New York citizens exceeds California’s tax obligations, something never before seen in the nation’s history.
- Of course, the legislation will also regulate individuals who receive an income of five million dollars annually, who will pay 10.3%, however, if the income is greater than twenty-five million dollars the rate is set at 10.9%.
- In summary, New York City’s income tax rate is set at 14.7% including other taxes, an outrageous percentage compared to other states in the country.
- It can be deduced that the vast amount of income received by the Treasury will provide resources for illegal immigrants and all those purposes unrelated to the economic growth of the nation.
Adittional Information:
Breitbart: NYC’s Wealthiest Will Pay Highest Combined State and Local Income Tax Rates in U.S.
The Wall Street Journal: New York Lawmakers Near Budget Deal to Raise Income, Corporate Taxes by $4.3 Billion
Related Articles
