8 March 2021
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.