09 March 2009

Do you pay the same taxes as Trump? You Might be Surprised.

How much do you have to make to be in the top tax bracket in NY?

Watch the video to find out:

Shocked? You should be.

Because while President Obama works to make America's taxes fairer, New York's tax code is anything but. Over the last 30 years, the rich have seen their state taxes cut in half. Today, nurses and firefighters pay the same state tax rate as Wall Street tycoons.

It's more than unfair--with the state facing a $14 billion budget gap, it's just madness.

By asking the wealthy to pay their fair share in taxes, we could help balance the budget in a “balanced” way and prevent billions in cuts to classrooms, hospitals, and the elderly and disabled that Gov. Paterson has proposed.

The Facts:

Today, for a single filer, the top New York State personal income tax rate of 6.85% starts on adjusted gross income over $20,000 per year. That means a NYC police officer making $40,361 is in the same tax bracket as former Merrill Lynch CEO John Thain, who made $83.1 million in 2007. You can see the complete New York State personal income tax schedule from the department of taxation here (pdf)

Over the last 30 years, New York has cut its top income tax rate more than 50%, the majority of which went the wealthiest New Yorkers who needed tax relief the least. In the 2008 - 09 budget year, those cuts will cost the state nearly $20 billion in revenue - money we could use to keep hospitals open and schools thriving in tough times (Source: Fiscal Policy Institute).

There's a better way. The Working Families Party and our allies in the Fair Share Tax Reform coalition are fighting to modestly raise income taxes on those who can most afford it to help offset some of the Governor's most painful cuts.

Polls show it's a popular idea, especially once people realize how regressive New York's taxes have become. In the meantime, please vote on where YOU think the top tax rate should begin & we'll send the answers to Albany. Cast Your Vote HERE.

To learn more, check out our resources page.


Thanks for all you do!
your values. Love your country.
And, remember: TOGETHER, We can make a DIFFERENCE!

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1 comment:

Sen said...

This is a great video from the Working Families Party as to why the tax system should be changed, regardless of the current budget crisis New York is facing. Unfortunately, Governor Patterson would rather use the crisis as an opportunity to make drastic cuts to healthcare and education - as if further crippling the middle class is going to rejuvenate the economy! - than restore a fair, progressive income tax structure. Thanks for helping bring further attention to this issue.