Last week, Assembly Speaker Carl Heastie (D-Bronx) announced a proposal to increase taxes on those earning $5 million or more annually, while lowering rates for middle- and low-income earners. The Assembly would also increase the Earned Income Tax Credit (EITC). The plan would result in $1.billion in additional revenues for the state, which the Speaker said should be used “to support schools, aging infrastructure and other public priorities.”
Speaker Heastie said:
“The Assembly Majority is committed to doing everything in our power to help New York’s families achieve financial independence and success. It is critical that we fight for a fair and progressive tax structure that reflects this commitment and leads us toward a future where working families have more of the income they need to achieve their goals.”
Senate Majority Leader John Flanagan (R-Suffolk County) rejected any tax increases, saying that the state should be looking to reduce taxes.