Evil 1% Pays 43% of NYC Income Tax

Posted by on Dec 13, 2011 at 7:46 am

Memo to the so-called 99%. Keep driving the “millionaires” out of New York. Then when you finally snap out of your coma of envy you’ll all be paying more.

You know what these “99%” should be doing for Christmas? Sending thank you cards to all those folks paying far more than their fair share.

They’ve been demonized and denounced for not doing their fair share.

But a new analysis released yesterday shows that the top 1 percent of New York City’s moneymakers paid 43.2 percent of the city’s income tax — even though they accounted for just 33.8 percent of total income here.

Acting on a request from City Councilman James Oddo (R-SI), the Independent Budget Office reviewed 410,000 of the 3,462,000 tax returns filed here in 2009, the latest year available.

“Both income and tax liabilities are highly concentrated among the most affluent New Yorkers,” the IBO reported.

The findings backed up claims by Mayor Bloomberg and others who warn that the city can’t afford to lose the super-rich because they’re picking up a big chunk of the income-tax tab.A total of 34,598 filers made it into the exclusive 1percent club with a minimum adjusted gross income of $493,439.

Then there were those in the top 10 percent who had incomes of at least $105,400 and chipped in 71.2 percent of income-tax collections, while pulling in just 58.2 percent of income generated here.

A third of the city’s filers — representing 1.18 million returns — paid no income tax at all.

There’s quite a disparity there. To make things fair, these folks should be paying a lot less in taxes.

2 Responses to “Evil 1% Pays 43% of NYC Income Tax”

  1. Whitey Ford on 13/13/11 at 6:13 pm

    We already knew this. The question is why the leftists don’t talk about it. The top earners pay an unfairly lopsided percentage of taxes. It is time for a flat tax.

  2. the Antagonist on 14/14/11 at 2:54 am

    So… Let me get this straight:

    “…top 1 percent of New York City’s moneymakers paid >>43.2<>33.8<< percent of total income here…"

    They pay more than they make?
    That makes sense in what universe?
    Certainly not this one.