New York Tax hike for rich gaining steam: Gov. Paterson, pols mull big rate increase

New York Daily News reports:

Gov. Paterson and legislative leaders are in final discussions on a plan to hike the state's personal income tax.

Assembly Democrats are pushing a three-tier plan that would raise the top rate - 6.85% - on people earning more than $300,000 a year, lawmakers said.

Under the plan, people with annual incomes between $300,000 and $500,000 would be hit with a 7.97% personal income-tax rate, lawmakers briefed on the plan said.

Those making between $500,000 and $1 million a year would pay 8.47%, while those making more than $1 million would pay 8.97%.

Those public pensions cost big money.