Tax the Rich
Tonight Citizen Action hosts a town hall meeting at Allen Hall on UB’s South Campus to encourage the governor and the state legislator to implement a progressive tax to address the state’s budget gap rather than across-the-board budget cuts. It begins at 7pm.
It’s called the “Progressive Income Tax – Fair Share Town Hall Meeting.”
There’s currently a bill in the State Senate that would increase by two percent income taxes on those who earn more than $250,000. The bill’s sponsors say it will raise more than $6 billion in new revenue. Right now New Yorkers who earn more than $40,000 pay the same marginal tax rate of 6.85 percent.
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There should be a progressive tax rate on income in New York, accompanied by a cap on property taxes. We pay double the property taxes of people in other states and most people have depressed incomes in NY. Let the rich pay 15% on their income and we will give them a 50% break on their homes. I propose the type of an income tax (with a reduction in property taxes and an assessment freeze):
$1 million and over 15%
$500K-$999k 12%
$250K-$499K 10%
$100k-249k 7%
$50k-$99K 5%
below $50K 3%
Comment by WNYmind — March 1, 2009 @ 12:00 pm