Victory for Occupy Wall Street?
Governor Cuomo reached an agreement today with legislative leaders to raise taxes on New York State’s wealthiest residents as part of a deal to overhaul the tax rates.
The tentative agreement would also cut taxes for the middle class, by creating four new tax brackets and tax rates. The officials said the tax rate changes would generate $1.9 billion in annual revenue for the state.
“This would be lowest tax rate for middle class families in 58 years,” Mr. Cuomo said in a statement. “This job-creating economic plan defies the political gridlock that has paralyzed Washington and shows that we can make government work for the people of this state once again.”
Will other states follow suit and implement a “millionaires tax”? Is this the result of Occupy Wall Street’s focus on income inequality?
Courtesy of the New York Times.