New York lawmakers push for new millionaires’ tax

New York’s real estate industry have another potential tax to worry about. A handful of New York legislators want to match New Jersey’s move last week to increase taxes on seven-figure earners to help plug the state’s growing budget deficit, according to the Wall Street Journal. Legislators in the Garden State agreed to raise Jersey’s tax rate to 10.75 percent from 8.97 percent for those earning between $1 million and $5 million. The move is

source https://therealdeal.com/2020/09/22/new-york-lawmakers-push-for-new-millionaires-tax/