Last Friday, however, in a maneuver clearly aimed at
neutralizing his critics while at the same time
rewarding his wealthy supporters, Cuomo announced a
“reform” that would raise taxes on the rich and cut
taxes for the middle class. Democrats and the media
quickly praised this supposed change as a brilliant
strategic shift on Cuomo’s part and a ‘victory’ for
ordinary people. An examination of the numbers
indicates that while it may be the former, it is
certainly not the latter.

First off, while the base income tax rate on the
highest earners, households with annual income of $2
million and individuals with $1 million, will be
raised just short of 3 percent, that will be more
than offset by the expiration of the millionaires’
tax, giving them an effective reduction of 0.15%.

In effect, a substantial tax cut for the wealthy is
being presented as a tax increase. It is estimated
that this will mean a significant reduction in
revenues, down to $1.9 billion as opposed to the $4
billion received annually from the millionaires’ tax.
http://wsws.org/articles/2011/dec2011/cuom-d13.shtml

Democrat apologists are writing this positive spin everywhere. Cuomo, touted
here as a “progressive.” was heavily funded by Koch money. He’s imposed
draconian cuts on education, social services and health services for the elderly,
poor and infirm.

The tax “reform” is a pose and will do little to generate revenue here in NY
compared with the millionaires tax the governor is eliminating. And there’s no
mention of the stock transfer tax he won’t collect, which would eliminate the
deficit outright.

Only those whose incomes are over $2,000,000 a year would get a tax
increase. That increase would be a paltry .15% from the present 8.82% to
8.97%. People making $500,000 to 2,000,000 a year (is this really middle
class?) would have their taxes reduced along with the lower tax brackets. Why?

The exisitng “millionaires’ tax” has been generating $4 billion a year while
Cuomo’s tax “reform” will generate less than half that, 1.9 billion.  The
projected budget deficit would be reduced from 3.5 billion to 2 billion.

Just index the tax rates to the actual income curve. This is 2011. We have powerful computer systems that can do the math. That way only those with truly extraordinary incomes wind up with a higher tax rate.

But no, for some absurd reason, we’re stuck with a system that charges the same rate to someone making $100K as someone making $100M, and the ones in the $100K range don’t get special loopholes and tax breaks.

The progressiveness of income taxes should follow the actual income curve.
Simple.

When Andy Cuomo was Attorney General of NY he thought it was okay for Steve Rattner to pay a $10,000,000 fine for offering “gratuities” to get pension fund money into his fund.  But those who the took the bribes went to jail.  So…would you say that he prefers to take it easy on the rich or level the playing field?

http://www.thenakedemperor.com/oligarch/steve-rattner

What a stupid article. Cuomo has been as viciously anti-union as New Jersey’s Chris Christie and particularly bent on destroying the teacher’s union. Without even reading the article, I figured it would be a spin job on behalf of Cuomo given Joe Conason’s long and sorry record as a yellow dog Democrat.