"THEY WILL BE LEAVING NEW YORK IN DROVES AFTER THIS !"
Hiking income taxes a stunning 31 percent for all New Yorkers making more than $500,000
ALBANY -- Personal income taxes for the upper middle class and the rich are about to skyrocket under a secret, soak-the-wealthy tax deal reached last night by Gov. Paterson and leaders of the Legislature, sources told The Post. The two-tier tax plan would bring in $4 billion annually, in part by hiking income taxes a stunning 31 percent for all New Yorkers making more than $500,000 a year, sources said.
A second, slightly lower tier would increase incomes taxes by 14.5 percent for singles earning $250,000-$500,000 annually and for married and joint filers earning $300,000-$500,000.
Taxpayers now hit the current top rate of 6.85 percent when their incomes reach $65,000. The Paterson plan would tax top-tier earners at 8.97 percent and second-tier earners at 7.85 percent.
The staggering hike was one of the last elements of a $121 billion spending deal Paterson and legislative leaders forged behind closed doors in a race to make the AprilŮ1 budget deadline.
Its inclusion in the budget represents a dramatic retreat for Paterson, who repeatedly argued such a proposal would drive some of the most productive citizens out of the state and stunt any economic recovery. A Paterson spokesman did not return a call.