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NY Taxes Headed for a New High

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Posted on February 4 2010 3:30 pm
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E. J. MCMAHON & JOSH BARRO

Advocates of the misnamed “millionaire’s tax” enacted in New York state last year claimed that it would restore “fairness” to a tax code that favored the rich. But thanks to the complex interplay of federal and state tax rules, Albany’s share of all income taxes paid by New York’s wealthiest residents has actually been rising since the 1970s. And it will soon rise to its highest level ever — unless President Obama and congressional Democrats reverse course.

Obama won office on a promise to return the tax rates on the top two income-tax brackets (now 33 percent and 35 percent) to the levels in effect in 2000 (36 percent and 39.6 percent) — and his latest budget still promises to let those Bush-era tax cuts expire next year.

Read more at the New York Post.

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