NY Assembly Looks At Millionaire's Tax

N.Y. Assembly Looks at Millionaire's Tax

Updated: Wednesday, 26 May 2010, 6:44 PM EDT
Published : Wednesday, 26 May 2010, 1:53 PM EDT

    MYFOXNY.COM STAFF REPORT

    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.

    This "Millionaire's Tax" actually goes after anyone who earns more than $200,000 in a year. Unbelievable. This is nothing short of legalized robbery.