30/03/2009 19:28
Millionaires to pay higher taxes in New York
New York has reached a deal to temporarily raise taxes on highest earners in order to close the state’s yawning budget deficit, New York Times reports. Although the proposed tax has been called a «millionaires’ tax,» it would affect those with incomes starting at $300,000, who would be taxed at a rate of 7.85 percent.
The plan would raise $4 billion a year by creating two new tax brackets, the highest one affecting those who earn $500,000 or more.
«It’s a profound breakthrough for tax fairness,» said Dan Cantor, executive director of the Working Families Party.
«The era of phony prosperity has ended, and a new era of real shared sacrifice must begin.»