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Higher taxes on top earners to be extended in Albany deal

Mar 20, 2013 2:18 pm
Thomas Kaplan is reporting in The New York Times Gov. Andrew M. Cuomo and legislative leaders are finalizing a deal to extend a high-tax bracket for the state’s top incomes. The bracket, first approved by lawmakers in late 2011 as a temporary response to disappointing revenues, does not expire until the end of 2014, an election year. Cuomo, who in 2011 described a new high tax bracket as a “short-term solution” to help the state weather a financial emergency, did not mention his desire to extend the new tax bracket when he publicly announced the executive budget proposal in January. The Legislature has not held hearings or debate about the tax proposal. Read the full story in The New York Times.