The Poor Get Poorer and now the Rich Get Poorer in NYC. We all know that everyone is equal. The Poor Get Poorer, and now the Rich Get Poorer in NYC. New York is seeing how much moolah it can squeeze out of millionaires’ paychecks without pushing them across the polluted Hudson to Jersey.
Seems the state lawmakers passed a budget that raises the personal income tax on individuals making over $1 million and introduces two new brackets, not one but 2, for those earning more than $5 million and $25 million. The progressive, or is it regressive? changes mean that the wealthiest New York City residents will enjoy the highest combined local and state personal income rate in the country, surpassing even California.