New York State Assembly Looks at Millionaire's Tax

FOX NEWS ^ | 05/26/2010

[SeekAndFind]

New York State Assembly Speaker Sheldon Silver is reportedly pitching a plan for an increased "millionaire's tax" aimed at 75-85 thousand New Yorkers making $1 million or more a year.

Political columnist Fred Dicker , who appeared on Wednesday's Good Day New York, says Silver secretly proposed a $1 billion tax hike on the highest income earners to Gov. Paterson.

The plan would jack up a current millionaires tax another 11-percent. The current "millionaire's tax" actually starts affecting people who have incomes over $200,000. High income tax earners would pay more than 13-percent of their salary in local taxes.

The highest one percent of income earners account for about 36 percent of all state taxes.

The state is trying to close a $9.2 billion deficit.

[randita]

In 2009, Corzine enacted a millionaire’s tax in NJ. $70 billion of wealth left the state.

The NJ Legislature voted to renew the tax, but Christie won’t sign it.

[NoControllingLegalAuthority]

Why not mandate that people who earn over $200K have to take poor families into their homes

Watch the movie "Dr. Zhivago." The Russian revolution created just such a situation well-portrayed in that movie.

The formerly wealthy family at the center of the story used to "own" their house but were forced to "share" it with many communist comrades after everyone became "equal."

The former owners were forced to retreat into a smaller and smaller part of their own house by demand of the communist party.

[Paleo Conservative]

I think such a law in New York would be fantastic for Texas. Texas would gain more Fortune 500 headquarters and finally pull ahead of New York.

[Clint Williams]

Dictionary definition:

New Yorker (Noo Yawkah): One too stupid to get out.

[Intolerant in NJ]

High income tax earners would pay more than 13-percent of their salary in local taxes...just as outrageous - was watching some of the New Jersey budget hearings last night, with a bunch of senators trying to figure out why Jersey wasn't picking up as much loot from their now lapsed "Millionaires Tax" last year as they thought they would - turns out most of those in the appropriate income bracket earn their livings in New York and pay income tax there - Jersey thought it should pick up the difference in what they earn after crediting them with the tax they pay to NY - but it turns out the top rate in NY is a flat tax rather than a marginal one, so taxpayers there pay the top rate (8.9% I think) from dollar one (and the rate is flat only for them, lower payers do pay marginal rates) - thus top earners were paying about $10k more per year than the Jersey pols thought they were explaining the shortfall in their projections - government greed stymied again, how delightful.....

[Onelifetogive]

an increased "millionaire's tax" aimed at 75-85 thousand New Yorkers making $1 million or more a year.

If you make >$1,000,000 per year and pay ANYTHING to New York, it is by choice.

[tinamina]

Good on ya!

Wyoming
...no income tax and if you live close enough to
Montana
....no sales tax whatsover for shopping...such as it is, the shopping that is, except at Costco Billings....you should see the Wyoming trucks lined up there and that’s no joke at all.

[tinamina]

Hey and where does our own Dick Cheney domocile and why?