New York May Raise Taxes on Millionaires

The New York Post reports:

Assembly Speaker Sheldon Silver, desperate to find new revenues to avoid budget cuts, has secretly proposed a $1 billion tax hike on the highest income earners, The Post has learned.

Silver (D-Manhattan) outlined the proposal to Gov. Paterson late last week after buckling under pressure from newly announced Democratic gubernatorial contender Andrew Cuomo and others not to support a $2 billion borrowing scheme proposed by Lt. Gov. Richard Ravitch, insiders at the state Capitol said.

Silver's plan would be another "millionaire's tax" aimed at some 75,000 New Yorkers, mainly Manhattan and suburban earners making $1 million or more a year.


It's designed to avoid spending cuts sought by Paterson and backed by Cuomo by hiking the state's current 8.97 percent millionaire's tax to 9.97 percent, an 11 percent increase. That would bring the total local tax levy for high-income city residents to 13.618 percent, before federal taxes.

You'll want to read the whole article. There are other places to live besides New York.