"There is much discussion about the state and nation's economic condition and the options available to New York State. Let's make sure the discussions are informed. New Jersey has announced they will pass a millionaire's tax that raises the tax rate on millionaires to 10.75 percent. Some have suggested New York raise the top tax rate for billionaires and millionaires to 12 percent. The overwhelming majority of billionaires and millionaires in this state live or work in New York City. The combined state and city income tax rate is already 12.6 percent -- which is higher than New Jersey's new top rate or a proposed 12 percent 'billionaire/millionaire tax rate.'"
Statement from New York State Budget Director Robert Mujica