Albany Times Union Editor Rex Smith wrote a great column in Sunday’s paper detailing why a millionaire’s tax would provide a fairer and more equitable tax rate for middle class tax payers. Read an excerpt below:
If the decision about the property tax cap was about fairness for taxpayers, the next fight may be defined as one about justice for schoolchildren.
Under law, New York’s top income tax rate, 6.85 percent, applies to everybody who earns more than $40,000 a year. But in 2009, in the aftershock of the great recession, the rate for people with incomes above $200,000 was temporarily hiked to 8.97 percent … if a true “millionaire’s tax” is maintained on that smaller group, the built-in budget deficit will vanish. School aid could be set at the level promised in the two-year plan passed a few weeks ago. And, importantly, the state’s taxes would be more progressive.”
Read the entire story at: http://www.timesunion.com/default/article/It-s-the-talk-of-the-donut-shop-1400557.php#ixzz1NwNkFmDy