Wagner: Stop cutting taxes for millionaires

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Democrat Justin Wagner, who wants to unseat Republican state Sen. Greg Ball in 2012, called for the state to keep a tax in place on those making more than $1 million a year. New York’s millionaires tax, which affects individuals who make more than $200,000 a year, is set to expire at year’s end.

“It is fundamentally unfair to cut taxes for millionaires and at the same time expect poor and middle class New Yorkers to do more with less. We cannot allow that to happen,” Wagner said in a statement

Wagner on Wednesday proposed allowing the tax to remain on those earning seven figures. Two-thirds of that revenue, he said, could be set aside and used for education funding. The money would be outside the usual budget process and available through an application process.

“The long-term solution to the problem of income inequality is an education system that prepares all of our children for the new economy, and the need to provide our children with a quality education is greater than ever.  The pace of economic and technological change requires a newfound commitment to education” Wagner said.

The rest of the money could be used to close the state’s budget gap.

Gov. Andrew Cuomo has long said he’s opposed to letting the millionaires tax continue. But on Wednesday he spoke of possibly making changes to the tax code and, as my colleague Joseph Spector pointed out, that may include proposing higher taxes on the wealthy.

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3 Comments

  1. Does this guy relize that the millionaire tax would impact blue collar workers? A husband and wife teacher, nurse, cop can easily make $200,000. a year, does that make them rich or millionaires? Take a mortgage on a $500,000. home, 2 car payments, child care, and after school activites and before you know it that $200,000 is nothing. The $200,000. is probably more like $140,000. after taxes, it really is not a whole lot of money. You can live the life of the middle class but not a millionaire. So anyone promoting a millionaire tax should keep it just that, a tax on those who make over one million dollars.

  2. Wagner’s plan will only eliminate the tax break for MILLIONAIRES. He is in favor of keeping the tax break for families earning between $200,000 and $999,999.Check out his website(http://www.justinwagner2012.com/tax-fairness-and-education/).

    Especially in the tri-state area, earning $200,000 does not make you rich so I’m glad he’ll keep the tax breaks for everyone who is not a millionaire. His plan seems like a sensible compromise to raise revenue from only those who can most afford it.

  3. Unconstitutional and discriminatory to tax those who are successful. Why not cut the overpaid governmental workers, especially those crooks who make the laws.