Millionaire's tax set to expire

October 17, 2011 1:59:26 PM PDT
So will wealthy New Yorkers move out of the state if their taxes go up? It sounds like an idle threat, until you talk to some experts who say they may already have done it.

The most famous is former Gubernatorial candidatem and billionaire,Tom Golisano, who moved to Florida rather than pay an additional $13,000 a day in New York State taxes.

As my grandfather used to say, never complain about paying taxes because it means you're making money. Clearly Mr. Golisano didn't agree.

And Gov. Andrew Cuomo believes others might follow Golisano's departure. The argument goes like this: The super rich can afford to be mobile, so it's no biggie to uproot themselves and move to a state with lower income tax rates. Most New Yorkers do not agree with that assessment. A new Siena College poll finds that 72% of New York voters support a surcharge tax on those making more than $1 million a year. Just 26% oppose it.

It's complicated because there is a surcharge tax expiring Dec. 31 and it's incorrectly called a "millionaire's tax" even though it applies to New Yorkers making more than $200,000 a year or just slightly more than the income that can qualify you for living in rent stabilized housing.

Cuomo insisted that this tax expire during last spring's budget debate. But now his fellow Democrats are insisting that a new and real millionaire's tax be implemented.

We'll see, because it's quite a battle, and now involves some of those who've been protesting during the Occupy Wall Street demonstrations. We'll have the latest on the state's economy, tonight at 11.

Speaking of Occupy Wall Street, another new poll, this one by Quinnipiac University, shows 67% of New York City voters agree with the views of the protesters.

Also at 11, Nina Pineda has a fascinating lesson for all of us about the importance of getting collision insurance. Tonight she has the story of a man who didn't have it, so when his vintage car got hit by a New York City taxicab which was "self-insured" he had to settle for far less than the actual repair bills. The guy called Nina and drove straight to 7 On Your Side but his example should serve as educational material for the rest of us.

We'll also have any breaking news of the night, plus Meteorologist Lee Goldberg with his AccuWeather forecast, and Rob Powers with the night's sports. I hope you can join Sade Baderinwa and me, tonight at 11.


Click here to send a comment.