New York lawmakers approved a budget bill Thursday that includes more than $3 billion in tax cuts and incentives for low- and middle-income workers, as well as a payroll tax hike for large employers in New York City and the surrounding suburbs.
The legislation also extends the state’s current top income tax rate until 2032 for New Yorkers earning more than $1 million per year. But a push by Senate and Assembly Democrats to increase taxes on earners and businesses making as much as $5 million annually wasn’t included in the final plan.
Gov.
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