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Cuomo proposal would raise top tax rate for New York City

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  • Cuomo proposal would raise top tax rate for New York City

    • Gov. Andrew Cuomo proposed raising taxes for the wealthiest New Yorkers to a top rate of 10.86%, up from 8.82%.
    • New York City residents would pay a top rate of 14.7% in state and local taxes, the highest income tax rate in the nation, Cuomo said Tuesday in an address unveiling his 2022 budget.
    • The tax increase is part of a multi-pronged plan to reduce the state’s historic budget deficit due to the Covid pandemic.
    https://www.cnbc.com/2021/01/19/cuom...t7percent.html

  • #2
    Yuck.

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    • #3
      You might have to change the I love NY slogan to I love Florida.

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      • #4
        i mean, its on single 1.1MM or married 2.2MM.....

        im not shedding a tear.

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        • #5
          Originally posted by Peds View Post
          i mean, its on single 1.1MM or married 2.2MM.....

          im not shedding a tear.
          But those income are like lower middle class in Manhattan.

          J/k. I’m glad he’s talking about ways to fix the debt. The ibankers will survive.

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          • #6
            Originally posted by Peds View Post
            i mean, its on single 1.1MM or married 2.2MM.....

            im not shedding a tear.
            You think it stops there?

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            • #7
              Originally posted by CordMcNally View Post

              You think it stops there?
              if they don’t stop the massive increase in debt then it will not stop there. The debt needs to be paid down at some point by someone. And no, I don’t think there’s a magic way to massively decrease government spending and at the same time stop businesses from going under, deal with covid, and save ourselves from a recession all at the same time. So I am for increasing taxes on incomes over a million.

              More importantly they need to close tax loopholes and simplify the tax code on a federal level but I’m not sure how much that applies to state taxes
              Last edited by Dusn; 01-20-2021, 11:01 AM.

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              • #8
                Great, there should be more progressive tax brackets. In every state, not just NY.

                But more importantly, the corporate income tax should be raised. That would make a much bigger difference than ordinary income tax rates.

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                • #9
                  Everyone needs to pay their fair share. But who determines what is fair? Sounds like more people will be leaving NYC.

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                  • #10
                    Originally posted by FunkDoc83 View Post
                    Everyone needs to pay their fair share. But who determines what is fair? Sounds like more people will be leaving NYC.
                    And that's totally fine.

                    Everyone has their priorities.

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                    • #11
                      Originally posted by Dusn View Post
                      But those income are like lower middle class in Manhattan.

                      J/k. I’m glad he’s talking about ways to fix the debt. The ibankers will survive.
                      He could easily fix the debt by addressing the spending problems they have. But keep taxing away and see how quickly people flee.

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                      • #12
                        Originally posted by FunkDoc83 View Post
                        Everyone needs to pay their fair share. But who determines what is fair? Sounds like more people will be leaving NYC.
                        I've never heard someone using the term "fair share" actually peg down a number that they are willing to stick to. Moving the goal posts...

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                        • #13
                          Originally posted by Dusn View Post

                          if they don’t stop the massive increase in debt then it will not stop there. The debt needs to be paid down at some point by someone. And no, I don’t think there’s a magic way to massively decrease government spending and at the same time stop businesses from going under, deal with covid, and save ourselves from a recession all at the same time. So I am for increasing taxes on incomes over a million.

                          More importantly they need to close tax loopholes and simplify the tax code on a federal level but I’m not sure how much that applies to state taxes
                          That's typically my biggest complaint. They won't stop the increase in spending and debt. I don't have their pension obligations off hand but my guess is that they're massive and they're only going to get bigger. I don't live in New York and never will so this will never affect me, however, it's not just millionaires that are going to be hit on the state and federal level. You've already been told by the new president that middle class taxes are going up.

                          I'm completely on board with simplifying the tax code.

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                          • #14
                            Originally posted by ENT Doc View Post

                            I've never heard someone using the term "fair share" actually peg down a number that they are willing to stick to. Moving the goal posts...
                            Same thing with 'living wage'. It's always going to be a number that is more than the current number regardless of what that current number is.

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                            • #15
                              Originally posted by CordMcNally View Post

                              That's typically my biggest complaint. They won't stop the increase in spending and debt. I don't have their pension obligations off hand but my guess is that they're massive and they're only going to get bigger. I don't live in New York and never will so this will never affect me, however, it's not just millionaires that are going to be hit on the state and federal level. You've already been told by the new president that middle class taxes are going up.

                              I'm completely on board with simplifying the tax code.
                              Cord, run for office and I'll donate to your campaign or PAC.

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