December 5, 2011. Consistent with Governor Cuomo’s call for a tax system that is fairer and more affordable while helping to put more New Yorkers back to work, this report presents a “top 1%” progressive income tax plan. The plan raises less revenue than the current “millionaires tax,” but enough revenue to avoid job-killing budget cuts, make job-creating investments, and provide middle class tax relief. The proposed progressive bracket structure would apply to taxpayers with incomes above $665,000, the estimated threshold for the top one percent in the current New York economy. Taxpayers with taxable incomes up to $5 million would pay less than they pay now under the temporary surcharges scheduled to expire at the end of 2011.

Published On: December 5th, 2011|Categories: NYS Budget, NYS Tax Policy, Reports, Briefs and Presentations, Tax & Budget|

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December 5, 2011. Consistent with Governor Cuomo’s call for a tax system that is fairer and more affordable while helping to put more New Yorkers back to work, this report presents a “top 1%” progressive income tax plan. The plan raises less revenue than the current “millionaires tax,” but enough revenue to avoid job-killing budget cuts, make job-creating investments, and provide middle class tax relief. The proposed progressive bracket structure would apply to taxpayers with incomes above $665,000, the estimated threshold for the top one percent in the current New York economy. Taxpayers with taxable incomes up to $5 million would pay less than they pay now under the temporary surcharges scheduled to expire at the end of 2011.

Published On: December 5th, 2011|Categories: NYS Budget, NYS Tax Policy, Reports, Briefs and Presentations, Tax & Budget|

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