State Senate Dems propose tax hike for NY's wealthy

State Senate Democrats are floating a bill to raise taxes for the highest-earning New Yorkers. The senators say it?s a good way to close the budget gap. Under the proposal, households earning more than

News 12 Staff

Feb 11, 2009, 12:42 AM

Updated 5,636 days ago

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State Senate Democrats are floating a bill to raise taxes for the highest-earning New Yorkers.
The senators say it?s a good way to close the budget gap. Under the proposal, households earning more than $250,000 in taxable income would see a boost in their tax rate to 8.5 percent from 6.85 percent. Those earning more than $500,000 would pay 8.97 percent and those who earn more than $1 million would pay 10.3 percent.
The measure would affect 170,000 Long Island tax filers.
Dowling College economist Marty Cantor says it?s not a good idea to raise taxes on anyone in a recession because it removes money from the economy.
Members of Long Island?s state Senate delegation say they don?t like the idea of raising taxes. State Sen. Brian Foley (D- Brookhaven) says he wants to see reform of the income tax rate schedule, but opposes the bill. State Sen. Craig Johnson (D-Port Washington) says raising taxes should be the last resort.
State Sen. Dean Skelos (R-Rockville Centre) is vehemently opposed to the measure.
"They do not know how to stop taxing,? Skelos says of Democrats. ??They are now down to 250 and I guarantee you it?s going to get down lower to the 100,000-range when this is all over with.?
Steamfitter Jeffrey Gibaldi says the effects of tax hikes on the rich will only trickle down to those who earn less.


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