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New York considers tax increase on the wealthy; those who make more than $1M would be impacted

State lawmakers are putting pressure on the federal government to help pay for large gaps in area schools’ budgets.

EArlier this month, the state announced that it would be pulling 20% of funding until a stimiulus package is passed.

Some lawmakers though are calling for a tax on the ultra-wealthy to bridge the gap.

Earlier this year, it was estimated a bill could generate another $4.5 billion in additional revenue annually.

That bill would riase taxes on wealthy New Yorkers. Specifically, it would increase taxes on those who make more than $1 million.

Governor Andrew Cuomo has said he opposes raising taxes on the wealthy in the past.