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Latest New York Tax Reforms Disproportionately Benefit the RichPosted on Dec 10, 2011
Many in the media are touting a recent overhaul of the state of New York’s tax scheme as a sign of a new age of increased burden for top earners and a victory for the 99 percent. But close inspection reveals that such comparisons exclude the contributions of a soon to expire, 3-year-old “millionaires’ tax,” and the new codes favor the rich. Along with New York Gov. Andrew Cuomo, those reporters are calculating their claim on New York’s old base rate without including the millionaires’ surtax. When the surcharge is included, we see that the new rates will reduce taxes across the board, but deliver considerably higher savings to the wealthy. Those earning between $500,000 and $2 million annually will see their taxes drop by 2.12 percent, while those making between $40,000 and $150,000 will get a meager .4 percent reduction. So the new codes serve the rich much more than they do the middle class. Plus, the revenue they will generate will be less than half of what was collected by the expiring surtax. —ARK
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By GW=MCHammered, December 12, 2011 at 6:46 am Link to this comment
(Unregistered commenter)
So, the wealthy enjoy more income and tax breaks than ever yet the nation suffers more unemployment and debt than ever. Hmmm ... so much for the lie ‘lower taxes and richer rich’ creats jobs or upholds the economy. Something rich reeketh!
Report thisBy Shenonymous, December 11, 2011 at 11:50 am Link to this comment
Can anyone really be surprised? The entire financial congregate
Report thisworship at the Church of Hard, Soft, and Paper Cash. Cuomo can
easily be considered among the 1% actually, even though he calls
himself a liberal Democrat. His plan to tax the highest of the 1%
is an interesting political turnabout and the question remains why?
Reading a similar article on the topic, Will Popular Reformer Cuomo’s
Plan Tax the 1% is reveals more about the New York Governor as
would the Wikipedia biography. It is best to know these politicians
a little more than cursory articles offer. The 99% needs to be a lot
more suspicious of alleged do-gooder elected “servants” regardless
of what political constituents they represent.