Majority Leader Malcolm Smith may not like the idea so much about raising taxes on the rich, but there are simply too many members of his caucus that want to see it done. Due to that pressure from within, Smith will at the very least let Senate Democrats talk amongst themselves.
From WXXI Rochester:
There are two bills circulating among Senate Majority Democrats that would increase income taxes on the wealthy. One, sponsored by Senator Eric Schneiderman, of Manhattan, with 18 sponsors, would institute new, higher tax rates beginning on those who make $250,000 a year. Two other, higher brackets would be created for those making over $500,000 a year, and over $1 million dollars a year.
Another bill, proposed by Senator Jeff Klein of the Bronx, would also raise taxes on the wealthy by creating new, higher tax brackets. In addition, it would double the standard deduction for taxpayers, and give the money back in the form of debit card rebates to taxpayers, to increase consumer spending.
Senate Leader Smith says Democrats plan to meet in a lengthy closed door meeting Wednesday evening to talk about the tax bills.
Lamentably, the meeting will be held in private without the public being able to see their government in action. Though it is better than nothing. Ideally they will come to a conclusion that mirror the
Fair Share Plan. At this time, New York needs a budget that truly makes 'shared sacrifice' a reality. Empty rhetoric from Governor Paterson and Majority Leader Smith is simply not enough. If Sheldon Silver can get behind this, then Paterson and Smith need to stand up and do the same.
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