Assembly unveils expanded millionaires tax proposal
As expected, Assembly Democrats on Thursday released a proposal that would expand the so-called millionaires’ tax on high-income earners, creating new tax brackets for the upper most echelon of New York’s elite.
In addition to extending the tax, which is set to expire at the end of 2017, the Democrats want to tax those earning between $1 million to $5 million at an 8.82 percent rate, $5 million to $10 million earners at a 9.32 percent rate, $10 million to $100 million earners at a 9.82 percent rate and those earning more than $100 million a year at a 10.32 percent rate. The proposal is modified slightly from that which the Democrats pushed last year by adding the 10.32 percent tax on the most-well-heeled earners.
It’s projected that the restructured millionaires’ tax would generate $5.6 billion in revenue and affect 66,143 taxpayers.
Without action to either expand or simply extend the current tax rate, any taxpayer earning more than $300,000 per year would be taxed at a rate of 6.85 percent.
Read more: http://blog.timesunion.com/capitol/archives/271581/assembly-unveils-expanded-millionaires-tax-proposal/