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Gov. Cuomo Vows To Rewrite Tax Code, Recreate New York State’s Middle Class

Sources: Under His Plan, Empire State's Millionaires Would Indeed Foot Bill
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Gov. Andrew Cuomo

New York Gov. Andrew Cuomo in Albany, N.Y. on Tuesday, Sept. 27, 2011. (AP Photo/Hans Pennink)

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NEW YORK (CBSNewYork) — It’s a major “believe it or not” story.

WCBS 880′s Paul Murnane On The Story


Middle class taxpayers are in for a tax cut and New York millionaires will foot the bill, reports CBS 2’s Marcia Kramer.

If you’re among the very, very rich in New York you’ll have to dig deeper to pay the tax man, but for everyone else — and that means most of us – Gov. Andrew Cuomo wants to cut your taxes.

It’s hard to believe, but that’s what he’s looking to do.

“What I’m looking at is what do you do with the tax code and how can you use the tax code to stimulate the creation of private sector jobs,” Cuomo said on a radio broadcast on Wednesday.

Sources tell Kramer that what the governor wants to do is totally overhaul personal income tax rates. Middle class tax payers — and that might mean those who earn as much as $400,000 a year — could see a tax cut. But if you are a true millionaire get ready to write a bigger check and the more you earn the bigger the percentage of your income you’ll pay.

For the record, there are 75,000 people who work in New York and earn at least $1 million, but 37,000 of them live outside the state, so, politically speaking, taxing them is very little skin off the governor’s nose.

“If a millionaire, if you have it, and you can’t take it all with you, give a little bit to your citizenry. Give in any way you can,” said Martyha Lopez-Gilpin of Astoria.

“It’s a great idea. The rich are getting richer; the poor are getting poorer. There is no middle class. It would be great,” added Tommy Dourmas of Astoria.

“I’ll believe it when I see it. I’ll believe it when I see it,” said Edward Gaweda of Roosevelt Island.

“People that have the money and could pay … they should pay the government, but the people who don’t have the money, they shouldn’t pay because they just don’t have it,” said Lia Varthomomos of Astoria.

So far, legislative leaders haven’t signed on to any revision of the tax code, which means only one thing: there’s going to be a whole lot of horse trading going on in Albany this year.

And while Democrats and Republicans don’t see eye to eye on taxing millionaires, there’s plenty to horse trade, including the state’s redistricting plan.

Do you agree with the governor’s plan? Please offer your thoughts in the comments section below.

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