N.Y. Assembly Looks at Millionaire’s Tax

by
May 27, 2010

MYFOXNY.COM – New York 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.

Governor Paterson approved a plan that would furlough 100,000 state workers one day a week for eight weeks, which would save $30 million a week for the state. A judge blocked that temporarily blocked that plan at a union’s request.  A hearing was scheduled for Wednesday afternoon to review Paterson’s plan.

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