Speaker Christine Quinn proposed a millionaire's tax for the city yesterday, now this is shocking news. Why, the idea almost sounds as progressive as Senator Schneiderman's proposal to institute a fair tax for the entire state. Raising rates on the wealthy would raise a ton of cash that the rich can afford a lot easier than the poor can handle cuts to essential services. And of course, having the Speaker spearheading this gives it tremendous weight.
From The NY Daily News:
In another one of her rare breaks with Mayor Bloomberg, City Council Speaker Christine Quinn is poised to propose a three-tiered tax increase on New Yorkers earning more than $300,000 a year while also eliminating the PIT for low and moderate-income households.
Quinn will unveil what her office is calling a "forward-thinking" and "progressive" plan at her annual State of the City address tomorrow.
Under the plan, the PIT on pre-tax income of between $297,000 and $532,000 would jump from 3.683 percent to 4.25 percent, resulting in a typical tax increase of $374. For households earning $532,000 to $1.2 million, the bump would be to 4.45 percent ($5,571, on average), and $1.2 million and above would pay 4.65 percent ($19,066).
Overall, according to Quinn's office, 96 percent of taxpayers won't see any change in their bills at all.
The increase would bring in $1 billion worth of new revenue, which would be used to pay for the proposed tax cuts (which are also being pushed by Councilman David Yassky and the Drum Major Institute) and also eliminate the sales tax increase the mayor included in his FY2010 budget.
Malcolm Smith should see that the idea of a fair tax is a popular idea and a smart one as well in these troubled times. If Bloomberg-lackey Christine Quinn can muster the guts to introduce this legislation in the city, perhaps he can quit uttering right-wing talking points about the issue and jump on board with 18 of his fellow Senators to get the ball rolling for the entirety of New York.
Oh and of course Quinn will not only have to make sure it gets passed in the City Council, but with a veto-proof majority as well. Mayor Bloomberg in no way wants to raise his own taxes (and that of his elite class) so that we can keep more city programs on-line. To get this to the people will take a lot of fighting and knowing Bloomberg, things can get nasty. I can't say I'm a supporter of Quinn (her history is far too tainted) but I do support her on this.
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