A Tax We Don't Need
October 18, 2011
E. J. McMahon
Albany: Re Richard Brodskys “New N.Y. jobs, by the thousands” (Op-Ed, Oct. 17): In proposing higher taxes on incomes above $1 million to pay for a jobs program, Brodsky claims that those targeted by his tax hike “now pay less in taxes than their share of the states wealth and income.” In fact, by one measure, New York taxpayers with incomes above $1 million now pay about 50% more than their share of taxes. The Division of the Budget estimates these taxpayers will pay 37% of all the states personal income taxes a year, although their share of gross income will come to 24% of the total. If their share of the tax burden were the same as their share of income, million-dollar earners would be paying $4 billion less.
Original Source: http://www.nydailynews.com/opinions/2011/10/18/2011-10-18_voice_of_the_people_for_oct_18_2011.html?page=1