Solution for Tax Reform: Stop taxing our poorest New Yorkers by repealing income taxes on low and moderate income households.Submitted by kallos on Sun, 02/05/2012 - 1:01pm
New York City taxes the incomes of almost a quarter million low and moderate income households that the Federal and State governments do not. We join New York City Council Speaker Christine Quinn and the Drum Major Institute in calling for the repeal of income taxes on households that do not owe Federal or State Income tax or earn less than $40,000 a year.
To make up for the $100 million shortfall, we should investigate a miniscule income tax increase of eight and a half one-hundredths of a percent (0.085%) from 3.2% to 3.285% on households earning more than half a million dollars a year. While Mayor Bloomberg has argued that our City’s richest would leave in mass exodus over any increase, many question whether someone earning $500,000 a year would leave over having to pay the $85 more a year in income taxes for every $100,000 they earn under the proposed option.