On Tuesday, December 6, 2011, New York Gov. Andrew Cuomo and members of the New York state legislature announced that they had created a higher tax bracket for the highest-income residents and reduced the tax rate for middle-class residents. The changes to the tax code are estimated to net $1.9 billion in annual revenue. The agreement has drawn praise from business groups and labor unions and is generally supported by both Republicans and Democrats.
See Thomas Kaplan, "Albany Tax Deal to Raise Rate for Highest Earners," The New York Times, December 6, 2011.
Posted by William Alan Nelson II, Associate Editor, Wealth Strategies Journal
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