The following are excerpts of an article appearing in today's NY Times:�
Warning to rich New Yorkers: The tax man might be digging deeper into your pockets in the years ahead.
There is a growing sense in the capital that legislators are likely to turn to an income tax increase on the wealthiest New Yorkers to help close the state�s $15 billion deficit, now that Democrats control the Senate, the Assembly and the governor�s office.
The Assembly, where Democrats have an overwhelming majority, has long supported increasing taxes on the wealthy, and Sheldon Silver, the Assembly speaker, reiterated this month that there continued to be strong backing for the measure among his colleagues.
Gov. David A. Paterson, a Democrat, did not propose any income tax increases in his budget proposal, but acknowledged in last month that "taxing the wealthy is probably going to be part of the solution if the deficit gets any worse, and all indications are that it probably will."
That could leave the matter in the hands of the Senate, where Democrats won a narrow majority in November. Senator Eric T. Schneiderman, a Manhattan Democrat, said that he planned to introduce a bill in the coming weeks that would increase taxes on the rich, and that he expected his colleagues to have an active debate about the issue.
Malcolm A. Smith, the new Senate majority leader, said he was not enthusiastic about the idea but looked forward to a vigorous debate in his caucus.
There is considerable pressure on lawmakers to act, and several powerful interest groups in Albany are pushing for a tax increase for the wealthy as a way to forestall steep budget cuts.
Democrats would have to largely unite behind the proposal, because there are probably not many Republicans who would support a budget with income tax increases. Pending the outcome of a contested Queens race, Democrats are expected to have a 32-30 majority in the Senate.
Several measures that would impose higher taxes have been discussed, so it is not clear which path Democratic lawmakers will pursue. The measure previously talked about in the Assembly called for an increase of nearly one percentage point on anyone who earns $1 million or more annually. But other plans echo President Obama�s campaign call for increased taxes on families earning $250,000 or more.
Mr. Silver said in a recent interview, "The extent of the tax is to be determined, but clearly the public has indicated they support a millionaires' tax, the Assembly has indicated they support it."
(LINK to NY Times)
http://www.theyeshivaworld.com/article.php?p=29151
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