Quoted Text

‘Millionaires tax’ to be topic of debate Feb. 14
The Business Review - by Adam Sichko
Date: Friday, February 11, 2011, 3:08pm EST

New York’s so-called “millionaires tax” will be a hot topic of debate at a legislative budget hearing set for Feb. 14.
Ahead of that, business lobbies and union-backed think tanks continue to argue whether the hike on income taxes should be allowed to expire as scheduled this year—or whether the state should extend it to bring in new revenue that can help erase its $10 billion deficit.
Business groups have railed against the tax hike, levied on profits for as many as 70,000 businesses, taking funds they could have reinvested.
The Partnership for New York City, a nonprofit group of downstate business leaders founded by David Rockefeller, issued a report on Feb. 10 that found three of four taxpayers paying the higher “millionaires” tax rates are not millionaires.
The higher tax rates matter because partnerships, limited liability companies and some types of corporations are all required to report business income through the personal income tax filings.
“Entrepreneurs and investors are deciding where the emerging industry clusters of the future will have the most favorable environment for success. To these decision-makers, many of whom are hit by the tax surcharge, New York’s high tax environment matters,” the lobby said in its report.
The tax fell short of projections in 2009 and 2010, bringing in between $3.6 billion to $4 billion.
The tax is set to expire in the final quarter of the state’s 2011-12 fiscal year, which ends March 31—causing the state to miss out on roughly $1 billion of revenue.
Gov. Andrew Cuomo continues to reject calls to extend the tax past its expiration date......................>>>>......................>>>>.................http://www.bizjournals.com/albany/news/2011/02/11/millionaires-tax-to-be-topic-of.html

There must be an Authority to robinhood for......

getting the $$ is one thing.....after that.....SHOW ME THE $$ TRAIL..............

The millionaire tax is the main reason that many millionaires have left NYS and why revenues actually dropped after the tax was imposed on them.

Quoted from Shadow

The millionaire tax is the main reason that many millionaires have left NYS and why revenues actually dropped after the tax was imposed on them.

the kings forest is no place to be....Robinhood is a cheat....SHOW ME THE $$ TRAIL

Everybody serving in Albany, and most of those serving here in Schenectady County could go by the name of Robin Hood as of late.  The fact is that there would be more income for the government if they would reduce the taxes on all, but especially starting with the millionaire tax.  First, you wouldn't have millionaires (and the businesses they own) running for the borders.  Second of all, you would still have them around, so they are not just making that money, but would also stay here to spend it.  The people with the money are the people who create the jobs.  If you send away those that have the money, you don't get any new jobs, even when you're handing out free money.  I give Schenectady County as my number one example of this.  Handing out free money doesn't work. Letting people hold on to their money, spending it as they wish, will create an increase in income for the government.

If taking 5% or 10% more is not going to hurt, but only help, then why don't they take 90% since that will only help more? Then everone can feel satisfactorily smug knowing that they paid their fair share and we will be helping to move the state forward (and punished some ba$tards too, who have too much money!)

Quoted from GrahamBonnet

If taking 5% or 10% more is not going to hurt, but only help, then why don't they take 90% since that will only help more? Then everone can feel satisfactorily smug knowing that they paid their fair share and we will be helping to move the state forward (and punished some ba$tards too, who have too much money!)

I know why....the folks who 'feel bad' about the $$ they worked for(hopefully legally) feel bad about actually having it...they pretend
they dont mind giving it away and then making others give it away to via guilt.....but, there is a trickle down effect that doesn't put
anything anywhere but takes takes takes......

the standard of a local employer should be that of it's own company....but if the government is forcing the hands of those that
employ on the basis of feeling good then all we have left if..."at least they have this" "at least I did that" "at least this will stop it",,,,
everything becomes the least and acceptable and the standard is lowered.......