Richest New Yorkers Risk New Tax Blow With Top Rate of Over 50% (1)

New York Governor Andrew Cuomo practically begged the rich to return to the city last year.

“‘We’ll go to dinner, I’ll buy you a drink, come over, I’ll cook,’” he said in August.

The offer still stands, but the embattled politician now expects them to pick up more of the tab.

State lawmakers and Cuomo reached an agreement to raise taxes as part of a $212 billion budget deal announced on Tuesday.

Under the deal, the top tax rate would temporarily increase to 9.65% from 8.82% for single filers earning more than $1.1 million. Income between $5 million and $25 million would be ...