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Wealthy people in New York City pay the highest tax rates in the country. How does it affect the rebound?

New York agreed this week Tax increase for the wealthiest residents Raise corporate franchise tax with the aim of boosting public finances without further turmoil Pandemic economy Blockade spurred Remote work.

Business leaders say the increase that results in New York City’s top earners being charged the highest total tax rate in the United States is backfired by driving away the very people and businesses that New York City depends on for its income. Says that there is a possibility of appearing in.

The $ 212 billion state budget plan, passed by the Democratic legislature and backed by unions and advocacy groups, includes more assistance to schools, residents and small businesses. It also has dozens of other progressive purposes, such as investing in renewable energy, funding to boost non-profit arts and cultural centers, and paying workers who are not eligible for federal assistance due to immigration status. I’m pouring $ 100 million.

New York’s recovery is slow. The latest data, the unemployment rate of 8.9% in February, is the second highest among the 50 states and the District of Columbia.

Executives New York City’s largest employer opposes tax increases A call to state and local authorities said high rates were not needed to ensure an economic recovery, and if businesses and high-income earners left forever, it would exacerbate the problem by wasting budget. ..

Wealthy people in New York City pay the highest tax rates in the country. How does it affect the rebound?

Source link Wealthy people in New York City pay the highest tax rates in the country. How does it affect the rebound?

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