Hoefer warned that top earners in the state already account for 46% of state income tax liability. The NYC Democratic Socialists' proposal would mean the top taxpayers in the state would pay as much as 64%. New York already has one of the highest income tax rates in the nation. This plan would also raise taxes on hundreds of thousands of government employees, including public school employees, he explained. NEW YORK HAS THE COUNTRY'S MOST BURDENSOME TAXES: STUDY"More than 168,000 New York state and local government employees were paid more than $127,000 last year.

Source: Wall Street Journal October 04, 2023 14:50 UTC