Arab Press

بالشعب و للشعب
Wednesday, Mar 25, 2026

New York lawmakers propose $7B tax hike on Wall Street, wealthy Americans

New York lawmakers propose $7B tax hike on Wall Street, wealthy Americans

New York is poised to get about $23.5 billion from the relief bill that Biden signed into law last week

New York lawmakers unveiled a new proposal on Sunday that includes nearly $7 billion in tax hikes on top earners and Wall Street, even though the state is poised to receive a financial windfall from President Biden's coronavirus stimulus bill.

The tax increases, part of a broader $208.3 billion spending plan introduced by both Democratic-controlled houses of the state legislature, would raise the rate paid by individuals and impose a new levy on capital gains for taxpayers earning more than $1 million. New York State Assembly Speaker Carl Heastie said in a statement the budget must "meet the moment" because of the "unprecedented health care crisis."

“We are receiving significant federal funding, but we must also ask those who can do more to step up and help,” Heastie said.

The proposed increases would:

* Raise the tax rate paid by individuals earning more than $1 million (and couples earning more than $2 million) to 11.85% from the current rate of 8.82%

* Establish a new tax bracket for residents who are earning between $5 million and $25 million (the tax rate would be 10.85%), and a separate one for anyone earning more than $25 million (the tax rate would be 11.85%)

* Make a new capital gains tax worth 1% on individuals earning more than $1 million a year

* Impose a progressive state tax on individuals with a second home in New York City -- commonly referred to as a pied-à-terre tax

* Raise the estate tax from 16% to 20%

* Create an 18% "surcharge" on corporate franchises, utilities and insurance companies

* Reinstate a minimum business tax on corporate capital

Lawmakers proposed the tax hikes even though New York will get about $23.5 billion from the relief bill that Biden signed into law last week. Senate Majority Leader Chuck Schumer, D-N.Y., said the state government will get about $12.7 billion, while New York City will receive an estimated $6.1 billion. The state's counties will get about $3.9 billion, while $825 million will go to small cities, towns and villages in the state.

"The robust package, the robust basket of aid that we have been able to put together and pass yesterday, will affect just about every aspect of New York life where there has been trouble," Schumer said.

New York is grappling with a $14.5 billion pandemic-induced budget deficit and has been urged by a group of economists and progressive lawmakers to raise taxes on billionaires to address the looming financial crisis.

The budget plan also includes a 22.6% increase in spending, or roughly $16.9 billion compared to the year-ago period.

"We must also ask those who can do more to step up and help," Heastie said. "The COVID-19 pandemic impacted every aspect of our lives, and we need to make investments that will aid in our state’s recovery, while ensuring that New Yorkers continue to have access to the vital services they need.”

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Saudi Arabia Expands Regional Trade Links by Opening New Land and Sea Routes to UAE
World Economic Forum Delays Saudi Conference as Regional Conflict Disrupts Global Agenda
Saudi Arabia and UAE Signal Potential Entry into Iran Conflict if Critical Infrastructure Is Targeted
Global Firms Accelerate Expansion into Saudi Arabia as Economic Reforms Gain Momentum
Global Labour Pressure Mounts as ILO Faces Calls to Reject Saudi Bid to Dismiss Migrant Worker Complaint
Gulf Powers Move Closer to Entering Iran Conflict as Regional Pressure Intensifies
Saudi Arabia Breaks Ranks with Regional Allies Over Response to Iran Escalation
Saudi Arabia Moves Closer to Direct Role as Iran Conflict Intensifies
World Economic Forum Postpones Jeddah Meeting Amid Escalating Regional Tensions
Trump to Deliver Keynote Address at Saudi-Backed Investment Summit in Miami Beach
Saudi Arabia and Kuwait Press Ahead With Energy Agreements Despite Regional Conflict
Can Saudi Arabia’s Yanbu Port Replace Hormuz? Capacity Limits Test Critical Oil Lifeline
Saudi Arabia Detects Ballistic Missiles as Regional Tensions Escalate in Gulf
Saudi Aramco Reduces Oil Shipments to Asia for Second Consecutive Month
Saudi Aramco Reduces Oil Shipments to Asia for Second Consecutive Month
Saudi Arabia and UAE Push Ahead With Major Deals Despite Iran-Related Uncertainty
Formula One Cancels Bahrain and Saudi Arabia Grands Prix Amid Escalating Regional Tensions
Pakistan Signals Strategic Realignment Toward Saudi Arabia Amid Regional Tensions
Saudi Arabia Cuts Oil Shipments to Asia as Regional Conflict Disrupts Key Export Routes
Saudi Arabia Moves to Contain Regional Escalation as Houthis Signal Readiness to Join Conflict
Saudi Arabia Signals Independent Nuclear Strategy Unaffected by Iran Tensions
Saudi Arabia Signals Independent Nuclear Strategy Unaffected by Iran Tensions
Egypt Reaffirms Strong Support for Saudi Arabia as Sisi Condemns Iran’s Gulf Attacks
Saudi Stocks Close Higher as Tadawul Index Gains 0.55% on Broad Sector Strength
Iran Fires Ballistic Missiles Toward Riyadh as Gulf Conflict Intensifies
Barcelona Midfielder Marc Casadó Attracts €40 Million Interest from Saudi Clubs
Strait of Hormuz Tensions Rise as Saudi Arabia Opens Key Air Base to US Forces
Saudi Arabia Confronts Strategic Turning Point as Iran Conflict Redefines Regional Alliances
Saudi Arabia Intercepts Missile as Two Others Land in Remote Area Without Casualties
Saudi Expulsion of Iranian Military Attaché Raises Doubts Over Fragile Riyadh–Tehran Rapprochement
Saudi Arabia’s Strategic East–West Pipeline Gains Global Attention as Energy Routes Face Growing Risks
Iran Reportedly Reduces Strikes on Saudi Arabia Amid Concerns Over Strong Retaliation
Saudi Arabia Criticises Israeli Strikes in Southern Syria Amid Rising Regional Tensions
Egypt and Saudi Arabia Warn Iran’s Actions Threaten Stability Across the Gulf
Egypt and Saudi Arabia Warn Iran’s Actions Threaten Stability Across the Gulf
Saudi Arabia Unveils Comprehensive 2026 Roadmap to Streamline Company Formation
Saudi-UAE Tensions Reveal Emerging Rivalry at the Heart of Gulf Power Dynamics
Saudi Arabia Launches Gulf Maritime Support Initiative to Safeguard Shipping
Saudi Arabia Expands US Military Access as UAE Braces for Prolonged Iran Conflict
Saudi Arabia Expels Iranian Diplomats Amid Escalating Regional Tensions
Saudi Arabia’s Edarat Wins Major Data Centre Deal with Regional Bank
Iran Intensifies Gulf Offensive as Saudi Arabia Intercepts Dozens of Drones
Regional Powers Hold Security Talks as Turkey Seeks New Strategic Pact
Asian Refiners Urge Saudi Arabia to Revise Oil Pricing Mechanism Amid War-Driven Volatility
Gulf States Weigh US Base Access and Military Alignment as Iran War Intensifies
IRGC Claims Strikes on Israel, Kuwait and Saudi Arabia as Conflict Widens
Saudi Arabia Intercepts Multiple Drones Amid Continued Iranian-Linked Attacks
Remains of Fallen Soldier Repatriated Following Death in Saudi Arabia
Iran Tensions Challenge Saudi Arabia’s Strategic Shift to Red Sea Oil Exports
Saudi Arabia Turns to Alternative Export Routes as Hormuz Disruption Strains Oil Flows
×