Democratic New York State Gov. Andrew Cuomo, Republican Senate Majority Leader Dean Skelos, and Democratic Assembly Speaker Sheldon Silver recently proposed a deal that would increase the level at which New York’s highest tax rate begins from $500,000 per couple to $2 million per couple. The proposed deal also provides significant rate cuts to couples below the $2 million level. Additionally, the proposed deal provides a tax rate of 8.82% for couples who make over $2 million and a 6.85% tax rate on income below $2 million. If the deal goes through, the new top rate would be in effect for 2012, 2013, and 2014.
See Janet Novack, New York Decides It Takes $2 Million To Be Rich—For Tax Rates That Is, Forbes, Dec. 7, 2011.
