Richest New Yorkers Face Tax Hike Under Proposed Budget Deal (3)

The richest New York City residents could soon face the highest combined state and city tax rates in the U.S.

Governor Andrew Cuomo and state lawmakers have reached a tentative agreement to raise taxes on the wealthiest New Yorkers as part of a roughly $200 billion budget deal expected to be announced as early as Monday, according to a person familiar with the negotiations.

If approved, state income-tax rates would temporarily increase to 9.65% from 8.82% for single filers earning more than $1 million, according to the person, who wasn’t authorized to speak publicly because a final budget hasn’t been ...