New York State Democrats Move Against Millionaires

The New York Sun reports:

In an affront to Governor Paterson, Assembly Democrats are preparing to vote to raise taxes permanently on New Yorkers earning more than $1 million a year.

The so-called millionaire's tax bill would raise the personal income tax rate of people earning more than $1 million, and boost the tax rate even higher for people earning more than $5 million. The increases up for consideration are higher than had been proposed earlier this year and, unlike the previous plan, would not be restricted to a five-year period.

Critics of the plan, which is expected to win approval in the Assembly today when lawmakers return to Albany for a special legislative session called by the governor to cut hundreds of millions of dollars from the state budget, say the tax hikes would prompt wealthy New Yorkers to leave for neighboring states with lower tax rates, such as New Jersey and Connecticut. They also say it illustrates the Assembly Democrats' refusal to identify ways to significantly trim the budget.

Mr. Paterson has expressed opposition to the tax hike proposal, arguing that the state should be looking to tighten its belt in this grim economy. Mayor Bloomberg has spoken out against the plan.

Although the bill would need to win approval in the Republican Senate before it could be enacted, supporters say they are certain that even if it doesn't go through this year, the legislation would lay the groundwork for a tax increase down the road.

We wonder if Texas and Georgia are secretly supporting high tax Democrats to destroy New York.