screen-shot-2013-12-17-at-45939-pm-6048509A bill implementing a larger New York City income tax hike than the one proposed by Mayor-elect Bill de Blasio has been introduced in the Legislature by state Sen.Adriano Espaillat, a Democrat representing upper Manhattan and the Bronx.

De Blasio campaigned on a promise to boost the rate on taxable incomes of $500,000 or more by 0.55 percentage points, from the current 3.86 percent to 4.41 percent.

Espaillat’s bill (S.6011) would increase the rate by 0.75 percent, to a new top level of 4.61 percent—the highest level since the tax was enacted in 1966. Like de Blasio’s proposal, Espaillat’s bill would dedicate the proceeds of the tax increase to pre-K and after school programs. The bill was introduced yesterday and referred to Rules Committee. There’s no Assembly “same as” (not yet, anyway).

The bill language, in full:


It’s not immediately clear whether Espaillat’s larger rate increase represents a drafting error or wishful thinking — or whether de Blasio knows about it.

Without flatly pledging to oppose it, Governor Cuomo has tried to pour cold water on de Blasio’s tax hike proposal. However, Cuomo himself has twice extended a higher state income tax rate on incomes starting at $1 million for single payers and $2 million for couples, and he has not publicly taken a stand on whether he will allow that tax hike to expire on schedule at the end of 2017.

About the Author

E.J. McMahon

Edmund J. McMahon is Empire Center's founder and a senior fellow.

Read more by E.J. McMahon

You may also like

Budget Deal Slows Medicaid Growth But Plants Seeds for Future Spending

The growth of New York's Medicaid spending is projected to slow but not stop as Governor Hochul and the Legislature effectively split their differences over health care in the newly enacted state budget. Read More

Albany Lawmakers Push a $4 Billion Tax on Health Insurance

Legislative leaders are proposing an additional $4 billion tax on health insurance plans in the upcoming state budget – but withholding specifics of how it would work. Read More

As migrants flow to NY, so does red ink 

The influx of foreign migrants to New York could cost the state $4.5 billion more than expected next year, Governor Hochul today warned.  Read More

The Bill Arrives: NY Faces $9B Budget Gap Next Year 

New York’s outyear budget gaps, the shortfall between planned state expenses and state tax receipts over the next three years, has exploded to more than $36 billion, just-released documents show.  Read More

NY school spending again led US, hitting all-time high in 2020-21

Public elementary and secondary school spending in New York rose to $26,571 per pupil in 2020-21, according to the latest Census Bureau data Read More

A Tale of Two Levies

New York school districts are getting record levels of state aid. But how many are using it to cut taxes? Read More

Albany’s Belated Budget Binge 

State lawmakers have begun passing the bills necessary to implement the state budget for the fiscal year that began April 1. Read More

Courts set a limit on NY’s tax reach

Just in time for tax season, New York State's tax agency just lost a major legal challenge to its policy of pursuing maximum income tax payments from wealthy vacation homeowners—even when they live elsewhere. Read More