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Some State Senate Democrats Want to Tax the Rich
By
Jen Chung
Published Feb 10, 2009
Modified Feb 10, 2009
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By
Jen Chung
Published Feb 10, 2009
Modified Feb 10, 2009
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The NY Times reports that a group of Democratic State Senators are introducing a bill to tax the wealthy, to help shore up state revenue: "New York households that earn more than $250,000 in taxable income a year would see their tax rate rise to 8.25 percent from 6.85 percent — the highest rate currently paid. Those who earn more than $500,000 would pay 8.97 percent; and those who earn more than $1 million would pay 10.3 percent." Assembly Speaker Sheldon Silver supports taxing the upper income brackets, while Governor Paterson does not (though he did concede, last December, that might be a possibility). However, State Senate Majority Leader Malcolm Smith said of the bill, "The problem is foreclosures. The problem is a $15 billion deficit. The problem is trying to figure out how do we create jobs in this economy. So in that regard, I’m not sure if taxes is the way you do that.”
Tagged
Democrats
Malcolm Smith
rich tax
sheldon silver
state senate
taxes
wealthy
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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