Monday, May 19, 2008

Working Families Party Reasserts Tax Proposal On The Wealthy

Although the tax hike on New York's wealthiest failed during the budget process this year, there is new hope for implementation of it yet again. It doesn't look exactly like what it did two months ago, but a redistribution of income for those that have less is definitely a good thing considering all of the corporate welfare that has been going on in New York and the country in the last few years decades.

From The NY Sun:

Under a plan advanced by the labor-backed Working Families Party, the wealthiest New Yorkers would see their state personal income taxes more than double.

Marginal income between $500,000 and $1 million would be taxed at a rate of 9.35%. Between $1 million and $5 million, the rate would go up to 10.35%. From $5 million to $10 million, the rate would be 11.85%. Income above $10 million would be taxed at $13.85%, which is more than double the current rate of 6.85%.

Party officials said the tax hike would generate $6.5 billion a year for the state and would apply to just fewer than 100,000 filers.

The money would be used to pay for a property tax break for households with up to $250,000 in gross adjusted income. The plan would give rebates to homeowners when their taxes consume a certain percentage of their income. The rebate would cover 70% of the taxes owed above the percentage cap, which would range between 5% and 9% of income.

It is time for legislation on local, state and federal levels to have some progressive threads in it. This bill would do just that for the Empire State. Even though Speaker Silver hasn't come out for it yet, I doubt it matters until Joe Bruno is no longer one of 'three men in a room'. Despite that, we must continue to push for these issues so that New York weeds out the politicians who side for the wealthy and not the people.

Getting rid of Bruno's majority this November will go a long way in starting that process.