New York Gov. Andrew Cuomo proposed raising taxes on the wealthy to a combined level of 14.7%, which would be the highest state-and-local tax rate in the nation.
The tax increase would raise $1.5 billion for the state, Cuomo said in an address unveiling his 2022 budget proposal.
The state would raise the top tax rate to 10.86%, up from 8.82%, Cuomo said. That would yield a top rate of 14.7% for the wealthiest New York City residents in combined taxes.
"[It] would be the highest income tax in the nation," Cuomo said.
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