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Tax For Wealthy Seems Headed For State Budget
By
Jen Chung
Published Mar 27, 2009
Modified Mar 27, 2009
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By
Jen Chung
Published Mar 27, 2009
Modified Mar 27, 2009
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All signs point to the new NY State budget including new tax brackets for earners making more than $300,000. According to the Daily News, whose website offers a Robin Hood-ed Governor Paterson, "Assembly Democrats are pushing a three-tier plan that would raise the top rate - 6.85% - on people earning more than $300,000 a year."
Drilling down, those making between $300,000 and $500,000 would pay a 7.97% personal income tax, while those making between $500,000 and $1 million are taxed at 8.47% and $1 million+ earners pay 8.97%. Assembly Speaker Sheldon Silver said, "Everything is on the table," and the Post notes that this "proposal creeps further down the income scale [versus an earlier rumored plan], but calls for lower rates." The hope is that the additional tax revenue would generate $4 billion to help plug the state's huge deficit, which will be $10 billion next year, even with billions in stimulus money.
The NY Times details some other facets of the budget talks, like "freezing education aid, trim[ming] back a proposed tax increase on health insurers" and "overhauling New York’s scandal-plagued Empire Zone program." Headed for defeat: Paterson's proposals to sell wine in grocery stores and a recycling program that would have required a nickel deposit on water bottles.
Tagged
deficit
governor paterson
state budget
tax for wealthy
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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