So Here's the deal. Lookin' good compared to what was slated to happen at the end of the year when the millionaire's tax expires. But I can't help noticing that under the new plan, compared to current permanent rates, everyone except the working poor gets a tax cut. Sez the YNN blog: "There would be no change for those making less than $40,000, while the rate for those making $2 million and higher will decrease from 8.97 percent to 8.82 percent."
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December 06, 2011
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Maybe Cuomo thinks it's the working poor who's the 1%!
Posted by: Brian | December 07, 2011 at 04:20 PM
Cute line, old boy.
I guess there is an argument that cutting rates at the bottom would increase the marginal rate when the tax does kick in, thus discouraging work. But there were ways around that if they'd wanted to find them. As it is, it seems to sort of buy in to the wacky right-wing line espoused by some in national GOP that the problem is the poor don't pay enough taxes.
Posted by: Bob Conner | December 07, 2011 at 05:42 PM
I'm not that old!
Posted by: Brian | December 08, 2011 at 11:34 AM