Daily Tax Report: State provides authoritative coverage of state and local tax developments across the 50 U.S. states and the District of Columbia, tracking legislative and regulatory updates,...
Some of New York’s wealthiest taxpayers are urging the state to raise their taxes to pay for education, infrastructure and anti-poverty programs.
More than 80 wealthy New Yorkers—including George Soros, Abigail Disney and Steven Rockefeller—sent a letter March 21 urging the governor and legislative leaders to expand and make permanent the state’s so-called millionaire’s tax. They are part of United for a Fair Economy’s Responsible Wealth Project.
The plan would raise $6 billion in revenue annually by creating five new marginal tax rates for those earning more than $665,000 per year. The top rate would be 9.99 percent for those earning at least $100 million.
The millionaire’s tax has become a major sticking point in budget negotiations this year between Gov. Andrew M. Cuomo (D) and legislative leaders.
Cuomo wants to extend the tax, which sets a top rate of 8.82 percent on singles earning $1 million and married couples earning $2.1 million. Democrats who control the state Assembly want to expand the tax, similar to the plan supported by Responsible Wealth.
But the Republicans who control the state Senate, along with a breakaway group of Democrats, want to let the tax expire at the end of this year. They’re supported by the state’s business groups and conservatives.
Conference committees are negotiating the terms of a fiscal year 2017-18 budget, which is expected to total about $152 billion. The state’s fiscal year begins April 1.
To contact the reporter on this story: Gerald B. Silverman in Albany, N.Y., at GSilverman@bna.com
To contact the editor responsible for this story: Ryan C. Tuck at firstname.lastname@example.org
Text of the letter is at http://src.bna.com/nbb.
Copyright © 2017 Tax Management Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)