Tax on high-wage earners affects small firms

New York is joining several other states in attempting to increase taxes on high-wage earners in order to cope with budget deficits. Small-business owners who report income on their personal tax forms are irked by New York's plan to raise $5.2 billion in new taxes, including a higher rate for joint filers with an adjusted income above $300,000. "You eliminate their ability to hire new employees, buy equipment, finance an expansion," said Mike Elmendorf, NFIB/New York.

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