March 29, 2009 / 10:10 PM / 10 years ago

New York reaches plan to up taxes on highest earners

NEW YORK (Reuters) - New York State lawmakers have agreed to temporarily raise income taxes on the state’s highest earners in order to narrow the state’s budget deficit, a spokesman for the Assembly speaker said on Sunday.

The new plan, which is expected to be voted on on Tuesday, would raise about $4 billion a year, said Dan Weiller, spokesman for New York State Assembly Speaker Sheldon Silver.

The tax increase would affect only 3 percent of all New York State taxpayers, Willer said, adding that nearly four in 10 of those affected do not reside in New York State.

A call to New York Governor David Paterson’s office was not immediately returned.

Reporting by Martinne Geller; Editing by Steve Orlofsky

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