Plans like this are absolutely absurd. It’s like the Robin Hood syndrome, steal from the rich to give to the poor. In their constant search year after year for “more revenue” these guys will go to any and all extremes to take from you, what they think is theirs.
Assembly Democrats to propose surcharge on rich
ALBANY - The Assembly’s Democratic majority next week will propose a temporary income-tax surcharge on people earning $1 million or more per year, though Gov. Eliot Spitzer and the Senate’s Republican majority are opposed.
After a lengthy private meeting, Assembly Democrats said Wednesday night they had reached agreement on a plan to hike income taxes for the rich over the next five years. Earnings would be taxed at a rate of 7.7 percent, up from the current 6.85 percent, and generate an additional $1.5 billion a year for the state treasury.
The initiative comes as Spitzer and legislative leaders begin negotiating a new budget with estimated tax collections falling because of the U.S. economic slowdown. The fiscal year starts April 1.
The extra revenue from a tax surcharge would be earmarked for general purposes in 2008-09 and then half would go for improvements to mass transit, roads and bridges in 2009-10. Such projects would receive all the funds in the final three years.
Assembly Speaker Sheldon Silver of Manhattan said, “In times of economic instability, where government revenues are short, we should be calling on those in New York who are better off to provide a little more so that we can do what we have to do as a government.”
After the Sept. 11, 2001, terrorist attacks, Albany enacted a temporary income-tax surcharge for three years but it affected more people, according to the Budget Division.
A proposal from the Working Families Party, a key ally of Democrats, would increase levies paid by people earning more than $250,000, thereby wiping out breaks granted during the administration of Gov. George Pataki, a Republican.
Dan Cantor of Working Families argued his party’s plan — opposed by Silver — would generate about $5 billion a year to fund critical services and reduce property taxes. Cantor described the Assembly proposal as “modest,” saying he was “disappointed” it didn’t go further.
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4 users commented in " Assembly Democrats to propose surcharge on rich "
Follow-up comment rss or Leave a Trackback“these guys will go to any and all extremes to take from you, what they think is theirs.”
From me? I certaintly dont make over a million dollars a year, and I would venture to guess that none of your readers makes over a million dollars a year either.
According to the article, its less than a 1% increase on people making over a million dollars per year. I’m going out on a limb here, but i’m guessing this doesnt affect that many people in Western New York.
“You” is analogous to the taxpayer. You need to get out more.
I don’t care if it’s .00000001% raising taxes is the absolute wrong thing to do. How about cutting government for once.
Rus,
Your taxes arent being increased. Chill out.
Why should government expenses not go up each year? Salaries go up. Gas prices go up. Costs to provide the services that government provides rise each year, and somehow our elected officials are supposed to both cut taxes and not decrease services?!?!
How is that supposed to happen? Private companies raise their prices all the time. What was your cable TV bill 5 years ago? How much did it cost to fill your gas tank 5 years ago? How much did a dozen eggs cost 5 years ago?
Cost of government will go up, and to pay for it, the Assembly asked those making over a MILLION dollars PER YEAR to increase their contribution to society by less than one percent. Big deal.
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