Skip to content
Subscriber Only
Wealth
Taxes

Richest New Yorkers Face Tax Hike Under Proposed Budget Deal

  • Wealthiest NYC residents to see highest combined U.S. tax rate
  • Roughly $200 billion budget deal could come as soon as Monday
Bloomberg business news
New York’s Richest Face Tax Hike in Proposed Budget Deal
Updated on

The richest New York City residents could soon face the highest combined state and city tax rates in the U.S.

Governor Andrew Cuomo and state lawmakers have reached a tentative agreement to raise taxes on the wealthiest New Yorkers as part of a roughly $200 billion budget deal expected to be announced as early as Monday, according to a person familiar with the negotiations.