Democratic lawmakers in the New York State Assembly are reportedly considering the idea of levying an extra 1 percent income tax on everyone with income over $1 million in order to balance the state's budget and help fund transportation costs, but the proposal is likely to run into opposition from the governor and the State Senate.
The New York Times reported that the proposal has the support of Assembly Speaker Sheldon Silver (pictured), but Governor Eliot Spitzer and State Senate Majority Leader Joseph Bruno have rejected any proposals to raise taxes. The plan would create a new tax bracket of 7.7 percent for all taxpayers with at least $1 million in income. They are currently taxed at a rate of 6.85 percent. If approved, the proposal could raise up to $1.5 billion in the first year.
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