Tuesday, March 3, 2009

The Fair Share Tax Reform Act of 2009

On Tuesday, Eric Schneiderman introduced legislation in the New York State Senate which would raise more than $6 billion in new revenue by slightly increasing taxes on the wealthiest 5% of New Yorkers (those that make over $250,000).

"Over the last 30 years, New York has reduced income tax rates on the wealthiest New Yorkers by more than 50%, and has replaced this lost revenue by implementing more regressive taxes and fees that disproportionately impact low- and moderate-income New Yorkers. Currently, the richest 1% of New Yorkers pay 6.5% of their total income in state and local taxes, while the poorest 20% of New Yorkers pay 12.6% of their income."

The bill would increase and create new income tax brackets:
8.25% on incomes over $250,000.
8.97% on incomes over $500,000.
10.35 on incomes over $1 million.

Such a proposal would not only cut the state budget gap in half but take one small step towards reducing the extremely regressive income tax system that is rampant throughout the United States.

Additionally, such a tax program would mean that the proposed cuts to CUNY could be dramatically reduced.

Click here to watch a video of Eric discussing his legislation.

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