Monday, January 27, 2014

NY's Growth In Millionaires Below National Average: NY Millionaires Pay 41 Percent Of State's Income Tax But Have 26 Percent Of Income

From The Journal News,, "N.Y. millionaires rising; Westchester has most outside of Manhattan" by Joseph Spector:
Earners of $1 million or more who live in New York, not those who earn their income in New York but live elsewhere, increased 6.8 percent between 2010 and 2011, according to IRS data. Nationally, it grew by 7.7 percent, McMahon said.

The increase in New York millionaires in 2011, the most recent figures available, wasn’t as large as it was in 2010, when it soared 19 percent from 2009.
State budget documents forecast that earners making $1 million or more are expected to pay 41 percent of the state’s total income tax in 2014, a 17 percent increase from 2011. Yet they will represent 26 percent of the state’s total earnings, an increase of 15 percent from 2011.

The total taxes paid in every other income bracket is expected to drop in 2014, the state budget showed.
New York City had 53 percent of the millionaires in 2011, a total of nearly 19,000 or 8 percent higher than in 2010. And 87 percent of them lived in Manhattan.

The second most millionaire earners in 2011 lived in Westchester County, with 6,518 – an increase of 6.7 percent from the previous year.

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