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Ogdensburg city councilor wants restructured state 'millionaires' tax'

Posted 3/11/11

OGDENSBURG – City Councilor Nick Vaugh says that the New York State Legislature should enact a temporary “millionaires’ tax” for the next two years. “It would affect those with incomes …

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Ogdensburg city councilor wants restructured state 'millionaires' tax'

Posted

OGDENSBURG – City Councilor Nick Vaugh says that the New York State Legislature should enact a temporary “millionaires’ tax” for the next two years.

“It would affect those with incomes starting at $500,000, who would be taxed at a rate of 7.85 percent,” Vaugh said.

“The highest bracket would carry a tax rate of 8.97 percent — the same as New Jersey’s current highest rate. The plan would raise roughly $4 billion a year by creating two new tax brackets, the highest one affecting those who earn $1,000,000 or more.”

"The Legislature has a track record of working together especially during difficult economic times,” Vaugh said. “This millionaires’ tax has been enacted before by both Republicans and Democrats in the Senate and Assembly as a short term measure," said Vaugh. “Governor Pataki vetoed the measure predicting that millionaires would leave the state and it would hurt the economy. The Legislature overrode the Governor's veto and the facts now show that the number of filers in the top bracket increased by nearly 80 percent between 2003 and 2008.”

Last year's state budget, Vaugh said, supported by Assemblywoman Addie Russell and former Senator Darrel Aubertine, “included a whopping $8.2 billion in new taxes and fees and raised government spending by nearly 10 percent. Without a doubt they contributed to our current fiscal crisis.”

"The Governor and the Legislature needs to look at balanced approached to solving the state’s fiscal problems. As a short term stop gap measure we must enact this millionaires tax in order to 'steady the ship.' Instead of deep cuts to state services the Governor should rethink the billions of dollars in subsidies the state is providing to various projects. I am joined by many progressive and conservative organizations from across the state that are calling to end these failed subsidy programs," said Vaugh.