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Liu Proposes Income Tax Hike for City's Top 1 Percent

Thursday, June 14, 2012

john liu, chinatown John Liu speaks to reporters afteran event in Chinatown, March 1, 2012. (Jessie Wright-Mendoza for WNYC)

New York City Comptroller John Liu says the city's income tax system is unfair and top earners should pay more. He released a plan on Thursday that would cut taxes for 99 percent of the city's residents, while boosting tax rates for joint filers who earn more than $500,000 a year.

New York City's local effective tax rate is relatively flat. A family that earns $50,000 a year pays a tax rate of 3.3 percent while a family that earns $1 million pays a rate of 3.7 percent.

Under Liu's plan, the family earning $1 million would see its rate rise to 4.3 percent.

Liu says his proposal makes the city's rates "truly progressive" and would help close budget deficits.

A spokesman for Mayor Michael Bloomberg did not return an email seeking comment.

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Comments [1]

clive betters

this is a good honest man,and this is why they are going after him.

Jun. 14 2012 07:05 PM

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