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High Earners Face Tax Increase

A year after enacting the largest increase in the state's personal income rate in generations, Albany is about to further raise taxes on wealthy New York City residents.

New York City's personal income tax rate for taxable income above $500,000 will grow by 6% under a plan advanced by lawmakers this week. The change, to take effect this year, would raise the city's top rate to 3.88% from 3.65%.

Combined with the state's income...

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