30 March 2009

New York State to Institute "Temporary" Millionaire's Tax

Governor Paterson had been opposed to such taxes, suggesting that it would lead the wealthy to leave the state, but has not capitulated to progressives in the state, who were opposed to the draconian cuts in services that a "no-tax" solution would have required.

Even with this increase, 8.97% from 6.85% for income over $½ million, the top tax rate in New Jersey, is higher, and in any case, if people want to leave New York because it's too expensive, they already have.

Nice to know that the political forces in New York State who work for the other 99% of the population can actually get meaningful change....for 3 years at least, as the tax is temporary....for now.


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