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
...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.