Facing Recession and Federal Indifference, Cities and States Eye Tax Increases

In New York, state senator Rachel May, a Democrat, is promoting a bill that would impose new, higher income tax brackets on the very wealthy, raising the rate for those who earn more than $5 million to 9.32 percent, those who make more than $10 million to 9.82 percent, and those earning more than $100 million to 10.32 percent.

New York is examining the potential for a wealth tax in the face of a projected $13.3 billion budget shortfall.