ON TAX DAY:
THINK YOUR TAXES ARE TOO HIGH? YOU’RE RIGHT…
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…BUT MAYOR BLOOMBERG DOESN’T THINK SO
(HE SAYS YOU’RE “OUT OF STEP”)
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NEW ANALYSIS SHOWS:
WEINER TAX CUT WILL SAVE YOU HUNDREDS OF DOLLARS
No one looks forward to April 15th.
But tax day could be a little less painful next year under Rep. Anthony Weiner’s (D-Queens & Brooklyn) new middle class tax cut plan.
MIDDLE CLASS SAVES HUNDREDS UNDER WEINER TAX PLAN:
Income: Current Taxes: Weiner Tax Plan: Savings:
Single Filer
$50,000 $1,706 $1,535 $171
$75,000 $2,618 $2,356 $262
$125,000 $4,574 $4,116 $457
$150,000 $5,618 $5,056 $562
Joint Filer
$50,000 $1,635 $1,471 $163
$75,000 $2,532 $2,279 $253
$125,000 $4,348 $3,913 $435
$150,000 $5,260 $4,734 $526
Head of Household
$50,000 $1,688 $1,519 $169
$75,000 $2,594 $2,335 $259
$125,000 $4,418 $3,976 $442
$150,000 $5,462 $4,916 $546
Figures are for taxable income.
Source: City of New York Office of Management and Budget
Mayor Bloomberg says that if you think taxes are too high in the city, you’re “out of step” [source: remarks at Crain’s Breakfast, 3/1/05].
Rep. Weiner takes a fundamentally different view.
The Weiner middle class tax cut plan cuts taxes 10% for every New Yorker making less than $150,000 a year.
The cost of the plan: $207 million.
To pay for it, Weiner would create a new 4.67% tax bracket for New Yorkers making $1 million a year or more in income.
In addition, Weiner would cut or reform the bottom 5% percent worst performing city programs every year, effecting up to $1.7 billion in savings for the City.
And Weiner would fight to make the state pay taxes on their city owned real estate, a proposal that would generate $1.5 billion in additional revenue for the city.
The substantial savings over and above the cost of the tax cut under the Weiner plan would be allocated for other key priorities, like increases in education, health care, anti-poverty programs and affordable housing.
“It’s pretty tough to feel the tax pinch if you’ve got a billion dollars in your bank account,” said Rep. Weiner. “But for middle class New Yorkers across the five boroughs, my tax cut plan will save hundreds of dollars a year. That’ll make one of the worst days of the year just a little bit better.”
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ANTHONY WEINER’S MIDDLE CLASS TAX CUT
Hundreds of Dollars of Savings for Middle Class New Yorkers
The Weiner middle class tax cut plan reduces taxes by 10% for every New Yorker making $150,000 or less a year.
Under the Weiner plan, the middle class tax cut would be paid for in part through the establishment of a new tax bracket for millionaires, imposing a marginal tax rate of 4.67%.
Representative savings under the Weiner tax cut:
Single Filer Current Taxes Owed Taxes Under Weiner Plan Savings
$35,000 $1,167 $1050 $117
$40,000 $1,347 $1,212 $135
$50,000 $1,706 $1,535 $171
$65,000 $2,253 $2,028 $225
$75,000 $2,618 $2,356 $262
$125,000 $4,574 $4,116 $457
$150,000 $5,618 $5,056 $562
Joint Filer Current Taxes Owed Taxes Under Weiner Plan Savings
$50,000 $1,635 $1,471 $163
$65,000 $2,173 $1,956 $217
$75,000 $2,532 $2,279 $253
$85,000 $2,891 $2,602 $289
$100,000 $3,436 $3,092 $344
$125,000 $4,348 $3,913 $435
$150,000 $5,260 $4,734 $526
Head of
Household Current Taxes Owed Taxes Under Weiner Plan Savings
$40,000 $1,329 $1,196 $133
$50,000 $1,688 $1,519 $169
$65,000 $2,229 $2,006 $223
$75,000 $2,594 $2,335 $259
$125,000 $4,418 $3,976 $442
$150,000 $5,462 $4,916 $546
Calculated savings are based on the 2004 personal income tax rate schedule found in the City of New York Executive Budget, Fiscal Year 2005.
