The governor has agreed to raise the state’s existing personal income tax rate from 8.82 percent to 9.65 percent on incomes of just over $1 million for individuals and $2 million for joint-filing couples; 10.3 percent on incomes of $5 million; and 10.9 percent on incomes of $25 million or more. New York City’s highest earners will now pay the highest combined state and local income taxes in the country.

Cuomo also agreed to raise the state corporate tax rate on the most profitable New York firms from 6.5 percent to 7.25 percent, partially undoing a rate cut that was a signature accomplishment of his first term…

Raising the state tax bite by up to 24 percent — an average of more than $500,000 a year for the 1,786 New York City households in the $10 million bracket, based on 2018 data — could provide a final push out the door for an unknown number of high earners.