Patrick Orecki, from the Citizens Budget Commission, said this is also much higher than Cuomo’s increased tax proposal.

"The state’s tax base is already very dependent on high-income earners," Orecki said. "The state, already without these proposals, has some of the highest tax rates on personal income taxes and on corporate taxes in the country. So the question is also whether individuals and businesses that would be subject to these higher taxes have an even greater incentive to move to a different taxing jurisdiction."