Plans by Gov. Andrew Cuomo to overhaul the state’s tax system came into sharper focus Monday when the governor released a statement calling for more income brackets, which he says would better spread the burden between the state’s poorest and richest residents.
Currently, the governor noted, an individual who earns $20,000 pays the same permanent income tax rate — 6.85 percent — as someone earning $20 million.
“So in New York under the permanent tax code, an individual making a taxable income of only $20,000 pays the same marginal tax rate as an individual making $20 million. It’s just not fair,” Cuomo said in an email statement to media outlets, described as an op-ed for Tuesday publication.
The governor’s commentary comes as lawmakers are traveling to the Capitol to discuss and possibly vote on a tax revision plan.
While no session has yet been scheduled, Assembly Democrats are set to meet at 3 p.m. Tuesday, while Senate Republicans will conference at noon on Wednesday……
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