Debate Continues Over Income Taxes
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- March
- 27
Senate Democrats broke from conference this afternoon to float a new proposal to increase income taxes on the wealthy, this time coupling it with property tax relief for the middle class, some senators said.
The latest proposal calls for raising $5 billion annually from higher income taxes—instead of $4 billion—by increasing the tax bracket on those who make more than $1 million.
The extra $1 billion in revenue would be used to start a circuit breaker program, which would tie property taxes to household income and provide some relief to households who make less than $200,000.
Some Senate Democrats continue to push for some tax relief to the middle class as part of income-tax increase on wealthy.
Assembly Democrats have proposed increasing the current top income tax rate from 6.85 percent to 7.97 percent for individuals or households with incomes higher than $300,000; 8.47 percent on incomes of $500,000; and 8.97 percent on more than $1 million.
The Senate plan would start at incomes of $350,000, yet the top tax rate would be around 10 percent—closer to what was proposed by the Working Families Party.
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on Friday, March 27th, 2009 at 2:32 pm by Joseph Spector.
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Jay Gallagher has covered Albany for Gannett News Service since 1984 and has been Albany Bureau chief since 1989. He`s a native of the Boston area and likes to point out that in this millennium, the score is Red Sox 1 championship, the Yankees 0. 
Cara Matthews has been a statehouse correspondent in the Albany Bureau since August 2005. Prior to that, she covered Putnam County government and politics at The Journal News for nearly five years. Before that, she worked at newspapers in Connecticut and covered the state Legislature for one of them. 
