AP — Risky business: States tax the rich at their peril

ALBANY, N.Y. – This year, New York’s deep-pocketed rich were required to dig even deeper to help shore up state finances.

They now pay higher taxes on their income and on limousines and yachts, more to enter a horse in a race and more to dabble in real estate. Meanwhile, many are losing millions from the closing of business tax loopholes and those making over $1 million are losing tax deductions others get.

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