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1% Of New Yorkers Pay 43.2% Of Income Tax

From the New York Post:

Thanks a lot to the 1%

By DAVID SEIFMAN City Hall Bureau Chief
December 13, 2011

They’ve been demonized and denounced for not doing their fair share.

But a new analysis released yesterday shows that the top 1 percent of New York City’s moneymakers paid 43.2 percent of the city’s income tax — even though they accounted for just 33.8 percent of total income here.

Acting on a request from City Councilman James Oddo (R-SI), the Independent Budget Office reviewed 410,000 of the 3,462,000 tax returns filed here in 2009, the latest year available

A total of 34,598 filers made it into the exclusive 1 percent club with a minimum adjusted gross income of $493,439.

Then there were those in the top 10 percent who had incomes of at least $105,400 and chipped in 71.2 percent of income-tax collections, while pulling in just 58.2 percent of income generated here.

A third of the city’s filers — representing 1.18 million returns — paid no income tax at all.

Oddo said he asked for the study because many of his middle-class constituents fall into the top 10 percent category and are being unfairly attacked in the class war sparked by Occupy Wall Street.

“I’m not defending the rich. I’m defending many of my constituents,” Oddo said. “A lot of my constituents are overtaxed. Some of the rhetoric I’ve heard is wrong on its face.”

Councilman Jumaane [sic] Williams (D-Brooklyn), who was arrested during one OWS demonstration, said the debate about income distribution is bigger than a single study.

“Whenever we have a problem, we go to the middle class, the working class,’’ he said. “A person making $1 million can pay more.”

For the record, New York State’s "millionaire’s tax" hit anyone making over $200,000. Luckily, it is about to expire. Unfortunately, it is going to be replaced with another tax which seems to kick in at about $150,000.

This article was posted by Steve on Tuesday, December 13th, 2011. Comments are currently closed.

2 Responses to “1% Of New Yorkers Pay 43.2% Of Income Tax”

  1. Anonymoose says:

    I remember some other chart that showed the “bottom 90%” included NYC schoolteachers making $80,000 a year. Forget them, we need to junk the entire tax system and replace it with a fair and simple flat rate. However much a percent it is a richer person will still pay more, but everyone pays the same share. As it it, with the maze of deductions and entitlements, hardly anyone can figure it out. And it really makes me mad these people who don’t pay any tax and still cry the rich don’t pay enough. How about they get off their duff and start paying themselves?

  2. P. Aaron says:

    NYC tax man will argue: $I million after taxes = $150,000

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