Saturday, April 30, 2016

Less Than 1 Percent Of NYS Earners ($1 Million Or More) Pay 40 Percent Of New York's Total Income Tax

From lohud, The Journal News, "Number of NY millionaires fluctuates" by Joseph Spector:
The number of wealthy New York households is vital to the state's fiscal health.

The $1 million or more earners pay about 40 percent of the state's total income taxes, despite making up less than 1 percent of the total tax filers, state budget documents show.
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"They are a bigger part than ever before in history of our total tax revenues, but the incomes are more volatile than any time in living memory," said E.J. McMahon, president of the Empire Center, a fiscally conservative think tank in Albany.

McMahon said that IRS data shows that New York's increase in millionaires was less than the national pace: New York's increase was about 8 percent between 2011 and 2013, but it was up nationally by about 11 percent.