NY Gov. Cuomo to extend tax bracket

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Credit Office of Governor Andrew Cuomo

The New York Times reports that New York Governor Andrew Cuomo is finalizing a deal with legislative leaders to extend a high-tax bracket for wealthy New Yorkers.

The bracket applies to individuals making more than $1 million and married couples making more than $2 million. The measure was first approved in late 2011 and would have expired at the end of the 2014 election year, but, lawmakers are now talking about extending the bracket through 2017.

The emerging deal follows similar actions in Washington and other states to improve balance sheets. Congress raised taxes in January on individuals making more $400,000 and California voters recently approved a temporary income tax surcharge on the state’s highest incomes.

Opponents say renewing the top tax bracket will drive wealthy citizens out of the state.