Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
Report: New York governor plans secret tax hike on rich
+ -
10:27, March 24, 2009

Click the "PLAY" button and listen. Do you like the online audio service here?
Good, I like it
Just so so
I don't like it
No interest
 Related News
 Gandhi items sold for $1.8 mln at New York auction
 New York deputy mayor foils mugger in Manhattan
 Survey finds big drop in New York's homeless population
 New York State Governor Paterson approval rating plummets
 Heavy snow in New York closes schools, cancels flights
 Comment  Tell A Friend
 Print Format  Save Article
New York Governor David Paterson and legislative Democrats have secretly agreed on an 8-billion-dollar two-year tax hike on individuals making more than 500,000 dollars a year that will "sunset" around the time he plans to run for election in 2010, The New York Post quoted legislative sources as saying on Monday.

Also under intense discussion Sunday as lawmakers rushed to complete a budget by April 1 is a proposal to raise the state's 4 percent sales tax to 4.5 percent the total of which would jump to close to 10 percent in parts of the state with the addition of local sales taxes.

The sales-tax hike, too, would sunset at the end of next year or in early 2011, legislative Democrats was cited as saying.

The current top tax rate is 6.85 percent for all incomes over 25,000 dollars a year. Sources could not say Sunday what the rate would rise to for incomes over 500,000 dollars, says the report.

Asked about his comment on the tax-hike plan, New York billionaire mayor Michael Bloomberg said cutting expenses is "the first place you should go."

New Yorkers earning 500,000 dollars or more pay for more than half of the city's taxes -- and Albany (capital of New York state)should focus on cutting spending before taking from the rich, Bloomberg was cited as saying.

The mayor also said that taxing the rich could hurt the city in the long run.

About "51 or 52 percent of our taxes come from people who earn 500,000 dollars a year or more," he was quoted as saying, adding that some 5,000 people in 2006 paid 30 percent of the city's taxes.

The mayor said that if 1,500 of those top earners decided to move to Connecticut (neighboring state), "that would cut 10 percent of our tax base. That's another 3.5 billion dollars," says the report.

Source: Xinhua



  Your Message:   Most Commented:
Looted Chinese relics sold for 14 million euros each
Full Text of Human Rights Record of United States in 2008
China hits back with report on U.S. human rights record
Dalai Lama group's sabotage will not block Tibet's development
Spanish Tibetologist: "What I see and hear in Tibet differs from Dalai Lama's propaganda"

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90778/90858/90864/6620749.pdf