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Cuomo Tax Increase on Wealthy New Yorkers Approved by Lawmakers

New York lawmakers approved Governor Andrew Cuomo’s plan to overhaul the state tax code by raising rates on the wealthiest residents and cutting them for millions of married couples earning less than $300,000 a year.

The measure passed the Assembly early today after winning Senate approval yesterday. The deal was announced Dec. 6 in a joint statement by Cuomo, Assembly Speaker Sheldon Silver, a Democrat, and Senate Majority Leader Dean Skelos, a Republican.