• New York
  • Politics
  • U.S.
    • Education
  • World
  • Opinion
  • Entertainment
    • Music
  • Tech
  • Business
  • Health
  • Lifestyle
    • Fashion
    • Travel
    • Food
  • Sports
  • Science
Thursday, June 30, 2022
  • Login
  • Register
NYC Daily Post
  • New York
  • Politics
  • U.S.
    • Education
  • World
  • Opinion
  • Entertainment
    • Music
  • Tech
  • Business
  • Health
  • Lifestyle
    • Fashion
    • Travel
    • Food
  • Sports
  • Science
No Result
View All Result
  • New York
  • Politics
  • U.S.
    • Education
  • World
  • Opinion
  • Entertainment
    • Music
  • Tech
  • Business
  • Health
  • Lifestyle
    • Fashion
    • Travel
    • Food
  • Sports
  • Science
No Result
View All Result
NYC Daily Post
No Result
View All Result
Home U.S.

Pols introduce capital gains measure in already high-tax New York

by The NYC Daily Post Editorial Staff
February 2, 2021
in U.S.
Reading Time: 2min read
0
Share on FacebookShare on Twitter



ALBANY — Democratic state lawmakers keen on raising taxes on higher-income earners to help close the state’s massive, multi-billion dollar deficit have introduced a new bill that would place an extra tax on investments. 

The new legislation — sponsored by Democrats state Sen. Gustavo Rivera (D-The Bronx) and Assemblyman Ron Kim (D-Queens) — would place a new state tax on capital gains in addition to existing federal taxes on investments set between seven and 17 percent depending on income tier. 

The politicians argue the existing federal tax unfairly caters to the rich and they estimate the measure — if approved — could raise up to $7 billion dollars in state revenue annually. 

“Most of the super-wealthy, including those big hedge fund managers trying to make millions by shorting GameStop, make their income through their investments or capital gains, which are federally taxed at a lower rate than regular income from labor,” Kim told The Post. 

“By offsetting the preferential rates, we can collect more than $7 billion in new revenues.”

The Empire State, already one of the highest taxed in the nation, is seeking an estimated $15 billion over the next two years in federal aid from the Biden administration, which Gov. Andrew Cuomo made a cornerstone of his Fiscal Year 2021-2022 State Budget Address delivered last month.

Cuomo has been loath to raise taxes to stave off the revenue bleed from the pandemic, but included in his budget proposal a measure that would raise income taxes on the top rate of 8.82 percent to 10.8 percent. 

That would climb to 14.7 percent for New York City residents who pay a combined state and local income tax rate — which would make the Big Apple home to the highest tax in the nation, surpassing California currently at number one with a 13.3 percent tax rate.

But Cuomo has worried about the wealthy residents leaving New York for a friendlier tax environment — like Florida — acknowledging he needs the rich to help boost state coffers.

Neither legislative leader, state Sen. Majority Leader Andrea Stewart-Cousins (D-Yonkers) or Assembly Speaker Carl Heastie (D-The Bronx) have rallied support around a specific tax proposal, but both have said they support progressive tax hikes.

The state budget has an April 1 deadline.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to email a link to a friend (Opens in new window)

Like this:

Like Loading...
Tags: AlbanyAndrew CuomoCoronavirus in NYMetrotaxes
The NYC Daily Post Editorial Staff

The NYC Daily Post Editorial Staff

Related Posts

Louisiana program helps transition young adults out of foster care and into adulthood

by The NYC Daily Post Editorial Staff
March 26, 2022
0

DEBBIE ELLIOTT, HOST: Every year, tens of thousands of teenagers will leave foster care and venture out on their...

Amazon’s Staten Island warehouse workers will vote on forming a union

by The NYC Daily Post Editorial Staff
March 25, 2022
0

Amazon workers begin voting Friday on whether to form a union at a company warehouse on Staten Island in...

The U.S. will welcome up to 100,000 Ukrainians fleeing the Russian invasion

by The NYC Daily Post Editorial Staff
March 24, 2022
0

NPR's Juana Summers speaks with Krish O'mara Vignarajah, president of Lutheran Immigration and Refugee Service, about the efforts to...

Alex Jones skipped his Sandy Hook deposition again

by The NYC Daily Post Editorial Staff
March 24, 2022
0

Infowars host Alex Jones again failed to appear for a court-ordered deposition. Jones is accused of defamation by the...

Biden lays out 3 main goals after meeting with leaders about Ukraine

by The NYC Daily Post Editorial Staff
March 24, 2022
0

President Biden spoke to reporters after wrapping up meetings with NATO and G-7 leaders about Russia's invasion of Ukraine....

Some Republican senators may have grilled Judge Jackson as part of a larger campaign

by The NYC Daily Post Editorial Staff
March 24, 2022
0

Some of the most contentious moments in this week's Supreme Court confirmation hearings came during questions from Republican senators...

Next Post

Impeachment Case Argues Trump Was ‘Singularly Responsible’ for Capitol Riot

Leave a Reply Cancel reply

Recommended

Trading cryptocurrency forbidden for Muslims, Indonesian council rules

8 months ago

Tesla stock falls as Elon Musk vows to sell $21B stake after Twitter poll

8 months ago

Popular News

  • Democrats Face Historical Midterm Challenges

    Democrats Face Historical Midterm Challenges

    0 shares
    Share 0 Tweet 0
  • History teacher on OnlyFans: How my ex exposed my ‘dirty little secret’

    0 shares
    Share 0 Tweet 0
  • Abused girl found dead in NYC apartment still in morgue a month later

    0 shares
    Share 0 Tweet 0
  • ‘Con artist’ Instagram model sued by her millionaire ex for ‘secretly posing nude in his mansion for OnlyFans’

    0 shares
    Share 0 Tweet 0
  • Kim Kardashian’s ‘slim-thick’ figure is ‘more harmful for body image’: study

    0 shares
    Share 0 Tweet 0

Newsletter

Get the latest news from the US and around the world in your inbox.
SUBSCRIBE

Category

  • Business
  • Education
  • Entertainment
  • Fashion
  • Food
  • Health
  • Lifestyle
  • Music
  • New York
  • Opinion
  • Politics
  • Science
  • Sports
  • Tech
  • Travel
  • U.S.
  • World

Site Links

  • Home
  • Meet our leadership
  • Newsletter
  • Submit an Article

The New York City Daily Post

Welcome to the world’s premier daily news platform. We bring you the latest news from the US and around the world right at your fingertips.

  • New York
  • Politics
  • U.S.
  • World
  • Opinion
  • Entertainment
  • Tech
  • Business
  • Health
  • Lifestyle
  • Sports
  • Science

© 2021. The NYC Daily Post. All rights reserved.

No Result
View All Result
  • New York
  • Politics
  • U.S.
    • Education
  • World
  • Opinion
  • Entertainment
    • Music
  • Tech
  • Business
  • Health
  • Lifestyle
    • Fashion
    • Travel
    • Food
  • Sports
  • Science

© 2021. The NYC Daily Post. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
%d bloggers like this: