In NY: Democratic Party Governor defies public, will stand with Republicans to oppose millionaire’s tax

Update on 10/19/2011: While one organization tried to honor Andrew Cuomo, Occupy Wall Street protesters gathered outside. An attendee, feminist author Naomi Wolf, realized their point, and she was arrested for standing on the sidewalk to draw attention to Cuomo’s objection to the millionaire’s tax. Great video! She was arrested in her fancy dress for the awards dinner. Story: here. Video: here.
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I am providing links to two different stories. Unfortunately, my local paper, Newsday, is subscription-only, so, you can’t see the whole story without paying them directly or using their paid, related services. – KW

(excerpt from) Bloomberg BusinessWeek
Most New York Voters Favor Tax on Millionaires, Siena Poll Says

…”The tax adds a temporary surcharge on New York’s married couples earning more than $300,000 [a different article says $250,000], and singles earning more than $200,000. It will expire on Dec. 31 after Cuomo and Senate Republicans, who hold a majority, made clear they wouldn’t renew it.”

“…Support for taxing wealthier people breached party lines, with 83 percent of Democrats and 55 percent of Republicans in favor, according to the Siena College Research Institute poll released today. Governor Andrew Cuomo said Oct. 13 he wouldn’t change his opposition to the so-called millionaire’s tax…”

(excerpt from) Newsday
Poll: Most in NY favor millionaires’ tax
Originally published: October 17, 2011
By Ted Phillips

ALBANY — Nearly three quarters of New Yorkers favor higher taxes on millionaires, according to a poll released Monday.
A Siena College poll found support for a so-called millionaires’ tax reaches across the political spectrum with 72 percent in favor…

The tax surcharge — which hits not just millionaires but individuals making $200,000 or more and households earning more than $250,000 — is unlikely to be extended. [Democrat elected official, Governor Andrew] Cuomo and the Republican Senate majority oppose it.

Enacted in 2009, the higher tax rate for those earners, and a reduction of itemized deductions, brought in $4.87 billion last year and is expected to bring in a total of $14.4 billion during the three years in which it will have been in effect, according to state budget documents…

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Looks like the Occupy Wall Street folks have educated and empowered the public. Next, they have to figure out what to do with these old-school, 1%-serving, politicians. – KW

2 Responses

  1. It seems to me that NY’s chief extortionist realizes that NY’s taxes are driving millionaires away. I personally know at least 7 wealthy people who left the state because they saw no need to pay NY’s income or estate taxes. Raising taxes too high lowers revenue. And NY is now one of the 2 worst states for taxes and business. I never liked Cuomo, but I’m surprised and encouraged by his realism. He’s not letting the politics of envy stand in the way of the state’s avarice for revenue.

    If we could get him to reduce welfare for the rich, we might reduce NY’s budget. See:
    http://politicalclassdismissed.com/?p=12577

    • Hello, Chris,

      Glad to see you here. And, thanks for your opinion.

      Guess you might know, I disagree.

      I would love all the millionaires to leave NY. I truly believe, that when you see a filthy rich person, you have see someone who is exploiting other people, or figuring out a way to foul the environment, without consequence.

      In addition, there is another easy tax that would help NY’s budget. The state already collects a tax on stock transfers, which tax was instituted awhile ago. But, currently we collect the stock transfer tax, and then give it back to the people we took it from. Besides that people should pay it, at least we shouldn’t play the game (and pay the cost) of collecting it and refunding it. Just another rich person’s game….

      Like the banks who were bailed out lobbying government to forgive the interest they had agreed to pay.

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