The number of millionaires in New York bounced back in 2010 after falling off in 2009, state records show.
The number of millionaires in New York reached nearly 33,000 in 2010, up 19 percent compared with 2009. Overall, the number of people with taxable incomes above $200,000 returned to the level in 2008, a review of records from the state Department of Taxation and Finance by Gannett’s Albany Bureau showed.
From our article this weekend:
Millionaires have been taxed at a higher rate since 2009, and the higher rates were extended last month for three years as part of the state budget. The highest tax bracket is a marginal rate of 8.82 percent for individuals who earn $1 million or more and married couples above $2 million.
The number of millionaires in New York fell off 22 percent between 2008 and 2009. Those who earned more than $200,000 in adjusted gross income fell 8 percent.
But in 2010, the most recent year available, the rich recovered.
The number of filers earning more than $200,000 was up 9 percent between 2009 and 2010, reaching nearly 322,000 households. That’s nearly equal to the amount in 2008.
New York recovered more quickly than the nation. According to IRS data, the number of federal income tax filers earning $200,000 or more in the nation declined 1.6 percent between 2008 and 2010.