Income Taxes for Wealthy May Increase in Albany Deal (NY)

[alp227]

Source: NYT

Gov. Andrew M. Cuomo and legislative leaders, seeking ways to shore up a state budget strained by the weak economy, are ironing out the details of a deal that would raise income taxes on the wealthy and cut them for the middle class.

Top aides to the officeholders planned to meet through the weekend, as New York State lawmakers prepared to return to Albany next week for a special session of the Legislature that the governor appeared likely to call.

Members of the Democratic majority in the State Assembly were notified that they should be ready to return to the capital on Tuesday. Negotiations were still in the preliminary stages on Friday, and rank-and-file lawmakers had not yet been briefed on the discussions. But several people who were briefed said it was possible that a deal could be reached within days.

As of Friday, Mr. Cuomo and the legislative leaders had not yet agreed on the specifics of any agreement. But people briefed on their talks, who spoke on the condition of anonymity because the talks were private, said the leaders were discussing the creation of new tax brackets that would allow them to apply higher tax rates to the state’s top earners. The new brackets are likely to be temporary; their duration was still unclear on Friday.

Read more: http://www.nytimes.com/2011/12/03/nyregion/income-tax-increase-for-wealthy-may-be-part-of-budget-deal-in-albany.html

[zalinda]

1. Damn, I wish he were Mario. n/t

[aquart]

2. Nothing is as permanent as a temporary tax.

And I have no idea whom I'm quoting. (I also have no idea if "whom" is correct. It felt right.)

Good to see Mario's ambitious kid paying attention.

[Doc Holliday]

4. It sounds like Heinlein.

It was he (among others, no doubt) who once wrote that there is nothing as permanent as a "temporary" emergency.

[Wilms]

3. Ack! Now the rich will move to China and create jobs there instead of here!

:sarcasm:

[SoCalMusicLover]

5. Mass Exodus By Wealthy From Albany

They're all going to close their businesses now since their taxes went up a little.

[Earth_First]

6. How about a 3 year exemption for each business owner who opens their books to the feds?

:shrug: