New York’s top earners will soon be paying more in state taxes than ever

City Journal reports:

Advocates of the misnamed “millionaire’s tax” enacted in New York State last year claimed that it would restore “fairness” to a tax code that favored the rich. After all, the statewide teachers’ union noted, “over the last 30 years, New York has cut its top personal income tax rate on the wealthy by one-half.” Technically, the union was right—but that was only part of the story. Thanks to the interplay of federal and state tax rules, Albany’s share of all income taxes paid by New York’s wealthiest residents has actually been rising since the 1970s. And it will soon rise to its highest level ever, if President Obama and congressional Democrats have their way. This is bad news for New York’s battered economy.

An article well worth your time.