Everyone wants Wall Street moguls to pay for their sins. Cash-strapped New York state is moving closer to enacting a tax penalty on wealthy financiers -- although the non-financier well-off also will have to pay up.
From Bloomberg News:
New York Gov. David Paterson agreed with legislative leaders on a budget plan that calls for higher income taxes on households earning more than $300,000, according to a person familiar with the negotiations.
The tentative resolution was reached Saturday during discussions between Paterson, Senate Majority Leader Malcolm Smith and Assembly Speaker Sheldon Silver, the person said.
The higher tax rates are proposed to end after three years. Joint-filers earning more than $300,000 would pay a top 7.85%, and those earning above $500,000 would pay 8.97%, the same top rate as neighboring New Jersey, the person said. The possibility that a higher tax rate would lead wealthy New Yorkers to leave the state was debated in the months leading to the budget agreement.
New York’s current maximum tax rate is 6.85% for joint filers with adjusted gross incomes above $40,000.
California is taking a more egalitarian approach to plugging its budget hole: Everybody will pay more.
The budget deal reached last month will mean an across-the-board increase in personal income tax rates effective with this tax year, as my colleague Eric Bailey reported in this update Saturday. The rate in each tax bracket will rise 0.25 of a percentage point.
The new top tax rate for 2009 will be 9.55%, up from 9.3%. The top rate kicks in at taxable income of $94,110 for joint filers and $47,055 for singles.
There’s also a 1 percentage point surtax on Californians making more than $1 million. That surtax was approved by voters in 2004 to fund mental health services.
-- Tom Petruno
Photo: New York Gov. David Paterson. Credit: Mike Groll / Associated Press
GM Boss Wagoner to Resign, Source Says
ABC News' Jake Tapper, Zunaira Zaki and Charles Herman report: A White House official tells ABC News that the Obama administration asked GM chairman and CEO Rick Wagoner to step down, and Wagoner agreed to do so.
GM had no official comment.
The move is part of the administration's plans to restructure the auto industry, which President Obama is expected to announce Monday.
"We think we can have a successful U.S. auto industry. But it's got tobe one that's realistically designed to weather this storm and toemerge at the other end much more lean, mean and competitive than itcurrently is," President Obama said in a taped interview broadcast today on CBS' "Face the Nation."
Since late last year, General Motorsand Chrysler, the No. 1 and No. 3 automakers in the country,respectively, have received more than $17 billion total in aid as thetwo companies struggled to stay afloat amid plummeting auto sales and adifficult credit market. Last month, GM and Chrysler requested an additional $22 billion.
UK house prices fall in March
LONDONHOUSE prices in England and Wales are a record 10.3 per cent lower than a year ago, even though the prices fell at their slowest pace for 10 months in March, property data company Hometrack said on Monday.
March's annual fall was the biggest yet in Hometrack's monthly survey of estate agents and surveyors, which started in 2000 and has persistently reported lower price falls than official government data and that from mortgage lenders.
Tax havens face increased pressure from governments
VADUZ, Liechtenstein — "Who pays?" asks a neon artwork in wealthy Liechtenstein's elegant black granite cube of a museum.
TDP-CPM stand off over seats intensifies
Newly-formed "grand alliance" of TDP, Left and TRS in Andhra Pradesh, which appeared to be floundering following a stand-off between TDP and the CPM over seat-sharing of assembly constituencies, went further into crisis.
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