We're number two! We're number two! Almost

San Francisco CA

Description

New York City facing exodus after officials hike taxes to plug Covid-19 shortfall New York is bracing for an exodus of its wealthiest residents after officials passed a budget that will see them pay the US’s highest tax rate, as they desperately seek to boost their Covid-hit economy. Under the new rate, which is expected to soon be rubber-stamped by Governor Andrew Cuomo, the city’s top earners could pay up to 14.8 per cent tax - a combined federal, state, and city tax which could reach 52 per cent. The move sees the state overtake California, which has the current highest combined tax rate for top earners in the US, and much of Europe.