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Tax deal numbers for individual filers reveal a true millionaires' tax

Wednesday, December 07, 2011 - 11:17 AM

OK, since we found out late yesterday that the numbers the Governor put out were actually for joint filers, I've put together what they'd look like for single filers. (Thanks, again, to Jimmy Vielkind forproviding the raw numbers here.)

In a sense, the tax change will be a true increase on those individuals making more than $1 million a year. Basically the final numbers look very similar to the plan floated by Assembly Speaker Sheldon Silver to replace the current upper-income tax surcharge that you see below with a higher, permanent tax on wealthy New Yorkers.

Again, as it stands today, yes, the Governor and legislative leaders are in fact lowering taxes for everyone. But without this reconfiguring, you'd have a drop back to levels that everyone--regardless of which bracket--would had in 2009, a tax break for everyone making $200,000 a year or more.

Now, those making up to $150,000 get a break at the expense, in some ways, of those making $1 million a year or more. In other words, New York State will now have a true millionaires' tax.

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