New York Is Finally Taxing the Rich

By Liza Featherstone

Read the full article from Jacobin, here.

In the annual wrangling over the New York State budget, socialists and other left forces just won far more than anyone expected. The state legislature agreed to temporarily raise taxes on New Yorkers earning more than $1.1 million, with a tax rate of 10.9 percent on incomes over $25 million. This is happening even though Democratic scion Andrew Cuomo is still the governor. After years of Cuomo’s elevation of coddling the rich into a matter of liberal principle, in New York, as at the federal level, decades of austerity are grinding to a halt.

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