He, like Republicans, thought it would prod high-income residents to leave the state and lead to less income-tax revenue. Cuomo, however, has since fought to preserve the tax.
New York state has a reputation as a high-tax state. But does "New york millionaires" state have the second-highest millionaires tax rate in the nation? Instate lawmakers and then-Gov. David Paterson raised the state income tax rate from 6. Cuomo and state lawmakers agreed to extend the so-called "millionaires tax" before it ended, but lowered the rate to 8.
The top rate remains at 8. Republicans oppose that proposal. Some residents of New York State — but not all — pay the second-highest income taxes in the country.
Some cities in New York state,
New york millionaires New York City, collect their own local income tax on top of the state tax. Neither Quinn nor Cuomo made reference to the city in their speeches.
The highest earners in New York City pay a local income tax of 3. That rate was already in "New york millionaires" before Cuomo took office. The combined state and local income tax rate in New York City is Richard Auxier, a research associate with the nonpartisan Tax Policy Center, confirmed that New York City residents pay the second-highest combined rate behind California.
Seven states have higher income tax rates on wealthy earners, according to research from the right-leaning Tax Foundation, a tax policy analysis group. Auxier confirmed that finding.