Wednesday, December 07, 2011

Andrew Cuomo and Democratic Values. While New York's governor has been touting a more just taxation system that would have those in a lesser bracket pay less, those in a higher pay more, once the newspapers discovered that with the so called millionaire's tax (a tax surcharge) gone, the higher brackets would pay less of a percentage of taxes than they do with it still in place, the Governor has miraculously changed his statements, criticizing all increased taxation as a deterrent for the development of the economy (hell if I'll ever use the term grow). The loss in tax revenue will be a neat 2.1 billion. The millionaire's tax about to expire was 7.85% for those earning from 200,000 to 500,000 and for those earning $500,000 and up 8.97%. Here are the percentages, soon to diminish yes, but for whom?: $200,000 : now 6.85 in the future 6.65%; for those earning $350,000: now 7.85% in the future $6.85; for those earning 2.5 million: now 8.97%, in the future 8.82%. A way to improve things? Here's a quote from The New York Times:" The Public Employees Federation, the second largest union of state workers, produced a flier urging people to call Albany lawmakers and demand that any tax deal generate the same amount of money as the expiring tax surcharge." Hey, I'd go bolder and encourage a percentile increase in those earning $100,000 and over, this moderated by a peek into family composition too. Let's just see if there's a problem with the budget anymore.

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