(NY Governor) Cuomo Pushes New Tax Rates for Big Earners

[alp227]

Source: NYT

Gov. Andrew M. Cuomo on Sunday called for “comprehensive reform” of New York’s tax code that would mean higher tax rates for the wealthy and a tax cut for the middle class, according to officials briefed on the plan.

Mr. Cuomo, a fiscally conservative Democrat whose popularity soared as he cut spending and won concessions from labor unions during his first year in office, also called for a stimulus package that would increase spending on road and bridge construction; finance new programs to train poor urban youths; and legalize resort-style casino gambling.

Mr. Cuomo was expected to call lawmakers back to Albany as soon as this week to take up some of his proposals.

While Mr. Cuomo did not provide specifics on his tax proposals, the governor and legislative leaders were negotiating a deal, the officials briefed on the plan said, that would allow the state’s so-called millionaires’ tax — a surcharge on incomes over $200,000 for individuals — to lapse as scheduled on Dec. 31.

Read more: http://www.nytimes.com/2011/12/05/nyregion/andrew-cuomo-calls-for-stimulus-package-in-addition-to-tax-reform.html

[limpyhobbler]

1. :applause:

:applause:

[No Elephants]

2. Go, Andrew.

Methinks someone will run for President in 2016, though he may have to fight Warner for it.

Warner is my guess-and the guess of many others--for the bigwigs' Democratic pick for 2016.

[tabatha]

3. I was beginning to think he was a DINO.

Good for him.

[eilen]

8. He is turd way DINO definitely. nt.

[TheWraith]

4. The headline is wrong: he's still pushing LOWER tax rates for the wealthy.

Read farther down into the article.

While Mr. Cuomo did not provide specifics on his tax proposals, the governor and legislative leaders were negotiating a deal, the officials briefed on the plan said, that would allow the state’s so-called millionaires’ tax — a surcharge on incomes over $200,000 for individuals — to lapse as scheduled on Dec. 31.

In other words, he'll offer a tax rate that's slightly higher than what it was before the millionaire's tax as a sop, but still vastly lower than what they're paying now.

[ProSense]

5. Not only that

<...>

Kathryn S. Wylde, the president of the Partnership for New York City, a network of business leaders, said that Mr. Cuomo was “appropriately changing the terms of debate from the class warfare language of the millionaires’ tax advocates to focus on tax reform that promotes universal fairness.”

“He knows it is possible to raise revenues without inflammatory rhetoric that drives business and wealth out of the state,” Ms. Wylde said. She added that because lawmakers had moved this year “in the direction of showing they could exercise some discipline over spending,” the business community would support a “balanced approach” of spending cuts and new revenues as Mr. Cuomo drew up his next budget.

<...>

Remember that name? That was the person who was alleged to be an Obama ally.

She's pushing the anti-OWS and RW talking point.

[msongs]

14. "balanced approch" is republican phrasing that means middle class gets screwed again nt

[ProgressoDem]

9. Cuomo

Douche.

[PSPS]

6. The headline should say, "Cuomo Pushes New Lower Tax Rates for Big Earners"

I can't say for sure since NYT is behind a paywall, but the article quoted above explicitly states that the existing "millionaires' tax" will be allowed to expire at the end of this year.

[alp227]

10. Clear your cookies then reclick the link.

I view the NY Times for free regularly and when that 20 articles limit comes up I just clear up my internet cookies.

[FourScore]

12. Ahh. Interesting. I'll have to try that sometime.

Thanks for the tip!
:toast:

[ProSense]

7. The Millionaire’s Tax

The Millionaire’s Tax

<...>

Governor Andrew Cuomo opposes the extension of the millionaire’s tax, actually a tax on individuals who make at least $200,000 and families that make at least $300,000. He thinks it would place New York at a competitive disadvantage with its neighbors.

I respect the governor, but that’s a canard. As Robert Frank explained last February in The Wall Street Journal, the number of millionaires in New York actually increased in 2010 (when the tax was in place): “New York had 381,197 millionaires in 2010, an increase of 35,000 millionaires from 2009.”

In that same article, Mr. Frank quoted Kathryn Wylde, the president of the Partnership for New York City (which opposed the tax extension), as saying that even if the numbers don’t support the theory that rich people are flocking to other states, there is some anecdotal evidence that they are. “Our evidence is from conversations with lots of high earners and there is an increasing tendency to gravitate to lower-tax places,” she said.

If it’s anecdotal evidence the Partnership wants, here’s what Mayor Michael Bloomberg, also known as the richest man in New York City, said in 2008: “I can only tell you, among my friends, I’ve never heard one person say ‘I’m going to move out of the city because of taxes.’ Not one. Not in all the years I’ve lived here.” (Despite this astute observation, Mr. Bloomberg opposes the tax.)

<...>

No more RW talking points.

[hedgehog]

17. I was going to ask what the loss would be if the millionaires moved

if you didn't tax them anyways. Then it occurred to me - lots of CEO types are millionaires, and they think nothing of disrupting entire communities by moving their offices to low tax states. Often, the CEO benefits and everyone else loses because the new area has higher housing costs, longer commutes, fewer public services etc. I've been associated with three companies where the CEO pulled this stunt!

[provis99]

11. he's cynically trying to reverse his nosedive approval rating, I see.

He's plummeted from about 87% during Hurricane Irene to about 55% in early November.
http://maristpoll.marist.edu/114-cuomo-popular-one-year-after-election-as-governor/

[FourScore]

13. The guy is a DINO and the article is a con job.

I can't stand the guy. I wish we had a progressive in office.

[DLnyc]

15. Good for him for wanting to look like he's taxing the rich.

That's a big step up for Cuomo, who ran on a "no top-earners tax increase" platform.

I hope some day in the not-to-distant future he will return to the ideals of the Democratic party and ACTUALLY tax the rich.

Quoted from a linked article:
===
The leaders were discussing establishing one or more new tax rates for the highest-earning New Yorkers, which would still be lower than their rate this year, when there is a temporary surcharge in place, but higher than it would have been if the surcharge were allowed to end. New rates could go into effect at the start of next year.
===
http://www.nytimes.com/2011/12/03/nyregion/income-tax-increase-for-wealthy-may-be-part-of-budget-deal-in-albany.html

[harmonicon]

16. "middle class" - what a joke.

The true nature of income disparity in the US will never be discussed so long as people keep believing that there is a middle class. Sure, in some senses there is - those between the 95th and 99th percentile do make a lot less than the top 1%, but they still aren't like you and me. Everyone bellow that has way too much in common to be considered to be of different classes.

[closeupready]

18. You go, Andy!!!

:woohoo: