New York state recently enacted tax increases on the wealthy creating two new tax brackets for those making over $300,000 and $500,000 a year. The state will raise $4 billion from the increases. While this is represents what the NYT describes as "signal of the new balance of power in Albany, where Democrats won control of both houses of the Legislature and the governor’s office in last year’s election" it is interesting that the democratic governor, accepted the plan after winning significant spending cuts in areas like health care and education.
So while this is a victory for those who have been dismayed by the rising inequality in this country over the last thirty years it doesn't necessarily represent a move on the state level to significantly reverse that trend.
