Mar 29, 2009 12:00 am US/Eastern
Tax Hikes For Rich Planned To Close NY Budget Gap
NEW YORK (CBS) ―
There's news of a deal on the state budget that would use higher taxes to plug the $16 billion budget gap.
The plan from Albany looks to be higher taxes for higher earners.
Sources say the new budget bill, which is thousands of pages long, was being printed Saturday night – and it appears to spare education and healthcare from the worst of the deep cuts, and preserve property tax relief for homeowners.
The centerpiece of the budget agreement is a three-year surcharge on families who make $300,000 or more annually.
Those in the $300,000-500,000 income bracket would get one rate hike.
Those making more than $500,000 a year would get an even bigger tax jump.
The tax hikes could put an extra $4 billion in the state's coffers. The taxes would impact the top four percent of workers in New York, including those who work here but live out-of-state.
Governor David Paterson says it's a little early to call the budget revisions a done deal.
For now, all signs point to this budget bill getting approval by Wednesday's midnight deadline.
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