$100bucks says NONE of them make over $250k so it wouldn't effect them ion the least...
Posted on 03/11/2009 10:09:17 AM PDT by Behind Liberal Lines
ITHACA - The Ithaca Town Board supports raising taxes on New Yorkers who make more than $250,000 in order to stave off some cuts to education and healthcare and other "essential services."
The Board unanimously passed a resolution Monday urging state leaders to pass the Fair Share Tax Reform Act of 2009, which would increase tax rates for the top 3.5 percent of New Yorkers, according to their resolution.
Those with taxable income over $250,000 would see a 1.4 percent increase, to 8.25 percent of their total income. Those with income over $500,000 would see a 2.12 percent increase, to 8.97 percent total. Those with income over $1 million, would see a 3.45 percent increase, to 10.3 percent total.
"During the last 30 years, New York has reduced income tax rates on the wealthiest New Yorkers by more than 50 percent (from 15.375 percent to 6.85 percent) and eliminated high income tax brackets, so that working class families and the very rich pay the same tax rate: New Yorkers who make more than $40,000 a year are subject to the same marginal tax rate as those who make $400,000 or $40 million," the Board's resolution states.
"As a result, currently the richest 1 percent of New Yorkers pay 6.5 percent of their total income in state and local taxes, while the poorest 20 percent of New Yorkers pay 12.6 percent of their income in taxes."
The measure is expected to raise $6 billion, as a way to offset New York state's estimated $13 billion deficit in the 2009-10 fiscal year, according to the resolution.
The resolution will be forwarded to Gov. David Paterson, nine state Senators and Assembly members, and the state Association of Towns.
go thru TOUGH classes in college, then med school
then internship, etc
and have $200,000 in loans to start practicing with a pampered and drug addled public
only to be told that your efforts are not anymore worthy of good income then say .
.a teacher...
who faced a slack 4 yrs of college and a cushy internship, 9-3:30, weekends, holidays, Christmas time, spring break, Easter,Memorial Day, Labor day and MLK day plus whatever else they can scrounge up as days off
and take the impossibly "difficult" education major /sarcasm/ and never get fired and earn just about the same....
and retirement too, at 55!
And all this time I was led to believe NY was such a liberal and ‘progressive’ state. Yet they have been taxing their poorest citizens twice as much as their richest?
I am so shocked.
Most people who have large earnings have access to outstanding tax advisors. Many will move the income out of New York by selling their business operations to a remote holding company. They will then spend enough time out of state to avoid the appearance of tax evasion. With today’s communications infrastructure, management can actually be anywhere.
The tale of killing the goose that laid the golden eggs is lost on liberal politicians.
My thought too - you beat me to the post!
Only a politician could state that raising the rate from its current rate by an additional 1.4 is a 1.4% increase.
It is actually about a 20% tax increase when the 1.4 number is divided by the current rate.
That is like saying if I buy something for a dollar and sell it for $3.00 I will take my 2% profit and run.
ht comments
Don’t worry. If they do this, there won’t be any rich.
$100bucks says NONE of them make over $250k so it wouldn't effect them ion the least...
...supports raising taxes on New Yorkers who make more than $250,000 in order to stave off some cuts to education and healthcare and other "essential services." The Board unanimously passed a resolution Monday urging state leaders to pass the Fair Share Tax Reform Act of 2009, which would increase tax rates for the top 3.5 percent of New Yorkers, according to their resolution. Those with taxable income over $250,000 would see a 1.4 percent increase, to 8.25 percent of their total income. Those with income over $500,000 would see a 2.12 percent increase, to 8.97 percent total. Those with income over $1 million, would see a 3.45 percent increase, to 10.3 percent total.Thanks geo.
they should raise it to 100%. I am sure there would be no negative repercussions at all.
/sarc
I would like to see some of the wealthiest NY’ers who currently donate to Cornell and IC tell their respective colleges that they are going to stop doing so immediately due to the possibility of their taxes going up and this resolution.
that would be nice.
I heard that in NYC about 40,000 pay half the city income taxes, or city budget or something. Those 40,000 should move and let the 8 million freeloaders see what taxation is.
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