Another Millionaire's Tax Proposal

There are thousands of millionaires in New York but still no millionaire tax schemes to get them to chip in with the state's fiscal mess. Senator Jeff Klein is the latest legislator to come up with a plan that would have the wealthy pay a higher rate than they do now. Currently those that make $50,000 pay the same percentage as the very wealthy do. Plenty of Democrats want to change that, but the way to go about it is up for debate. Klein's submission is slightly different from what Eric Schneiderman proposed last week.

From PolitickerNY:

Klein said his bill is different in that it will provide a credit for people earning less than $250,000, instead of just raising rates on the higher earners. Schneiderman's bill mirrors a proposal put forth by the Working Families Party, and a companion bill will be introduced in the Assembly.

"It doesn't just tax the rich, it really provides a fairer tax structure," Klein said by phone. "We're still working out the details. But if someone makes $250,000, we would leave them at the same tax rate they were at next year."

Majority Leader Malcolm Smith is not supporting either bill.

Even if Smith does not support it, I certainly hope that he sticks to his word on reforming the Senate in such a way that other Senators can bring legislation to the floor. The Majority Leader can believe what he wants, but putting the burden entirely on the backs of the working class isn't such a bright idea, even if they don't have as many lobbyists on their side to pitch it to him. Shared sacrifice is where we make spending cuts that primarily affect the middle and working classes and add taxes that affect, well, those that pay a significant amount of tax. It should not just be one or the other.