Liu Seeks To Raise Taxes On Wealthy Residents

Married couples making $250,000 per year would save the most in taxes.

Most people like the prospect of paying less in taxes.

City Comptroller John Liu has come up with a plan to cut taxes for 99 percent of City residents—and make up the different by increasing taxes on the other one percent by as much as $60,519 per year.

If couples making a personal income of $5 million and greater fork over an additional $60,519 more than their current tax liability of $192,448, Liu says he can cut taxes for the 99 percent, and still reduce the city’s expected budget shortfall.

A couple making $1 million or over would go from paying $37,408 to $42,967, a difference of $5559.

A couple making $500,000 or less would received a tax cut of $61. And a married pair making $30,000 would pay $283 less than their current liability of $925.

Couples making a combined $250,000 would benefit the most form Liu’s plan; their taxes would be cut by $941.

So what do you think? Should Liu's tax plan be enacted? Let us know how it would impact you, and the rest of Forest Hills, in the comments.

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