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Poll: Almost half in U.S. creationist
ALBANY, N.Y., March 29 (UPI) -- Leading lawmakers in New York have agreed to raise taxes on the state's highest earners to 8.97 percent to close budget gaps.
The plan approved Saturday by Gov. David A. Paterson and legislative leaders would raise $4 billion a year by creating two new tax brackets, The New York Times reported.
The highest bracket, which at 8.97 percent would be the same as in neighboring New Jersey, would affect people earning $500,000 or more, while the other new bracket at 7.85 percent would affect those with incomes starting at $300,000.
The plan, which would expire after three years and still must be approved by the full Legislature, is viewed as a victory for unions and liberal advocacy groups, the Times reported Sunday.
"It's a profound breakthrough for tax fairness," said Dan Cantor, executive director of the Working Families Party. "The era of phony prosperity has ended, and a new era of real shared sacrifice must begin."
Currently, the state's highest tax rate, 6.85 percent, affects couples and joint filers making more than $40,000 a year, the Times reported.
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