Assemblymember Peoples-Stokes (D-Buffalo, 141st District) announced the introduction of legislation that continues the tax rate millionaires are currently paying until Dec. 31, 2012 (A.7802). The legislation requires 30 percent of the revenue be directed to the Educational Assistance Fund to be distributed to struggling school districts.
“If the special ‘Millionaire Tax’ break goes into effect as scheduled, New York’s richest would once again share the same tax bracket as individuals making $20,000, or a family of four making $40,000,” Assemblymember Peoples-Stokes said. “Someone has to stand up and say this isn’t right.”
This tax break will give millionaires an annual average savings of $85,450. The legislation will affect less than 1 percent of taxpayers – of which 50 percent are not residents of New York. Just over half of the taxpayers who are affected live in New York City.
“I simply can’t sit by as we give a special handout to multi-millionaires and billionaires, while average families and our schools and children’s educational futures are in jeopardy,” Assemblymember Peoples-Stokes said.
Bush-era federal tax cuts were extended in January for another two years. These cuts are expected to provide an average annual savings of $128,832 to millionaires.i
“The economy is still weak and we just slashed spending over $8.5 billion, while closing a $10 billion budget gap,” Assemblymember Peoples-Stokes said. “These actions included significant state funding cuts to education, health care and other programs New York’s working families rely on. That’s why it would be completely unfair to take billions out of the state’s coffers just to give millionaires a tax break.”
i Tax Policy Center, www.taxpolicycenter.org/numbers/displayatab.cfm?Docid=2728