New York State Taxes May Rise for Rich
By DANNY HAKIM
ALBANY — Gov. David A. Paterson rolled out 137 proposed tax and fee increases last week on items including iTunes downloads and soft drinks, but there could very well be another big one to come.
Increasing income taxes on the richest residents of New York is still a last resort, Mr. Paterson said in an interview, but one that may become necessary as a result of the state’s precarious financial condition.
For now, the governor has avoided broad-based income tax increases even as he has proposed $4 billion worth of new or increased taxes and fees to help close a $15.4 billion budget deficit, the largest in state history.
Many groups, though, want even more taxes and fewer budget cuts — to protect their members or programs or interests — and are already broadcasting commercials urging the governor to broadly tax the rich in order to avert some of his steep proposed education and health care cuts. And Mr. Paterson seems to be edging closer to acknowledging that he may have no choice but to do so.
“Taxing the wealthy is probably going to be part of the solution if the deficit gets any worse, and all indications are that it probably will,” Mr. Paterson said during a wide-ranging conversation late last week. “If the deficit starts to grow again, then we’re out of moves. I’ve cut as much as I could.”
click here for the full story
No comments:
Post a Comment
We appreciates all comments and fosters free speech, however, keep in mind that we have young readers who peruse our site. Having said that, please refrain from using profane language, and know that flaming will not be tolerated. Spam will not be tolerated.