Ithaca Town board shows support of raising taxes on wealthy
ITHACA - The Ithaca Town Board supports raising taxes on New Yorkers who make more than $250,000 in order to stave off some cuts to education and healthcare and other "essential services."
The Board unanimously passed a resolution Monday urging state leaders to pass the Fair Share Tax Reform Act of 2009, which would increase tax rates for the top 3.5 percent of New Yorkers, according to their resolution.
Those with taxable income over $250,000 would see a 1.4 percent increase, to 8.25 percent of their total income. Those with income over $500,000 would see a 2.12 percent increase, to 8.97 percent total. Those with income over $1 million, would see a 3.45 percent increase, to 10.3 percent total.
The measure is expected to raise $6 billion, as a way to offset New York state's estimated $13 billion deficit in the 2009-10 fiscal year, according to the resolution.
The resolution will be forwarded to Gov. David Paterson, nine state Senators and Assembly members, and the state Association of Towns.From Staff Reports • March 11, 2009