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December 13, 2011 > NY, California hitting up millionaires, again

NY, California hitting up millionaires, again

By Michael Gormley, Associated Press

ALBANY, N.Y. (AP), Dec 10 - California and New York are again targeting high-wage earners to address a continuing fiscal crisis and pressure from the Occupy Wall Street movement.

New York took the step Wednesday. At the urging of Gov. Andrew Cuomo, New York raised its top tax rate on single filers making $1 million and joint filers making $2 million, a rate just slightly under the 2008 income tax surcharge that expires Dec. 31.

Earlier this month, California Gov. Jerry Brown proposed a tax on the wealthy to avoid further cuts to education and social services. He proposes a ballot initiative asking voters to increase taxes. That could hit Californians making over $250,000.

The common threads are continuing serious fiscal problems and Democratic governors pressured by their progressive bases.

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