Coherent Identifier About this item: 20.500.12592/npxvpq

Progressive Income Tax Proposal Would Increase T axes on J ust 2% of

8 March 2021

Summary

Progressive Income Tax Proposal Would Increase T axes on J ust 2% of New Yorkers In m uch of New York State, less than 1 % of filers would pay increased taxes March 2021    Only 2 % of p ersonal income tax filers living in N ew York S tate would s ee increased taxes following t he  implementation of a progressive i ncome t ax proposed by the Invest in O ur New York (IONY) c oalition.        IO. [...] For instance, a single filer reporting $400,000 in i ncome w ould pay only  $650 i n additional income tax.    The Public Accountability Initiative conducted an analysis of New Y ork State personal income tax data from  2018 to estimate t he overall a nd regional impact of the p rogressive income tax proposal. [...] The vast majority of personal income tax filers in New  York State – 9.2 million, o r 98% – w ould pay no additional income tax.      ● Targeting the 1% f or tax increases of o ver $1,000. [...] O nly 1.48% of f ilers l iving i n New York State  earn over $ 500,000 (140,000 filers) a nd would pay m ore than $1,000 in additional income t ax u nder  the proposal.      ● The v ast majority of those making between $ 300,000 and $500,000 would p ay under $1,000. [...] O nly 0.58% of filers living in New York State ( 55,000 f ilers) e arn over $1 million and would  pay additional tax under the proposal of over $10,000.      Progressive Income T ax P roposal: Filers impacted, NYC, Long Island, H udson V alley & R est of State All affected Total P IT ($300k-$1m & Region  filers  $300k-$1m  $1m+  $1m+)    Filers Filers  %  Filers  %  Filers  %   New York  City 4,10.

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