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Klein's New Rich Tax
February 23rd, 2009

Sen. Jeff Klein released a bill today that would increase taxes on the wealthy.  This is the second bill of this sort now pending before the Senate as Sen. Eric Schneiderman introduced a bill that would increase the income tax on those who make over $250,000 earlier this month.

Klein’s plan would also increase taxes on that group but offer larger standard deductions to those making less than $250,ooo. The tax cuts would arrive this year in the form of debit cards that would likely have to be used within the year.

Supporters of Schneiderman’s proposal– including the Working Families Party–say that Klein’s proposed tax cuts simply come at the wrong time.They say the point of such a tax increase would be to patch the growing budget deficit and giving the middle class a tax break would be counterproductive.

Meanwhile, Senate Majority Leader Malcolm Smith announced today that Senate Democrats would meet in a closed door session on Wednesday to try to come to some sort of consensus on  taxes.

Smith has stood firmly against such a tax increase and insisted that it would drive the rich out of New York. Smith and his representatives have insisted that they will not stifle debate  on a tax increase on the wealthy within the Democratic majority.

Assembly Speaker Sheldon Silver has been vocal in his support of a tax on the wealthy. Gov. David Paterson has made contradictory remarks about his support for such a proposal. Paterson’s representatives have steadily insisted he is against it.

By David King on February 23, 2009, 9:40 pm
In category: Albany, Eye on Albany | No Comments »

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