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New York is raising taxes for millionaires. Will other states follow?



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New York Governor Andrew Cuomo speaks at Rochdale Village Community Center in Queens, New York, on April 5, 2021.Brendan McDermid | AFP | Getty ImagesThe highest-earning New Yorkers are about to be hit with a tax hike.The New York state Senate and Assembly late Wednesday passed a $212 billion budget proposal after lawmakers reached a deal with Democratic Gov. Andrew Cuomo.The measure raises taxes on the wealthiest New Yorkers and corporations to generate more than $4 billion in revenue. It also legalizes mobile sports betting, adding another $99 million in revenue for this fiscal year and up to $500 million annually going forward, according to …

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