New Yorkers’ Wealth Tax

Jan 25

A temporary wealth tax would be applied to those with taxable income of $5 million or more.

For those earning $100 million or more could face up to an additional 2% on their personal income tax for the next three tax years.

The New York tax rates would rise to 10.86%, up from the current rate of 8.82% based on five tax brackets:

· More than $5 million to $10 million would pay an additional 0.5%;

· More than $10 million to $25 million would pay an additional 1.0%;

· More than $25 million to $50 million would pay an additional 1.5%;

· More than $50 million to $100 million would pay 1.75%; and

Credit: Donna Borak at Bloomberg

Gilda Almeida

Cayman’s crypto service providers have until January 31th to register.