Fair Share Tax Reform Gaining Momentum

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Obama cautiously takes a small, single sip of beer during the campaign. Photo: Getty Images

This weekend, the Times taught us that it's basically impossible for executives to survive in this city on a $500,000 yearly income — largely because taxes eat up nearly half of that sum. And now, a tax plan that has been long supported by middle-class groups like the Working Families Party is gaining ground. Its goal is to raise taxes on households with income over $250,000 by 3.45 percent, up to a total of 10.3 percent. Proponents of the plan, called "Fair Share Tax Reform," predict that it would bring up to $6 billion into cash-strapped state coffers, which are facing steep deficits over the next few years. But even Sheldon Silver (who pushed the so-called millionaires' tax through the State Assembly) hasn't proposed going this far, and Democratic Senate Majority Leader Malcolm Smith isn't behind the plan. Senate Republicans are, of course, against the plan, but the group of Dems who will introduce the bill today is confident that it has a chance.

Seriously, it may finally be time to reconsider spending $45K on that nanny. Don't you have a niece or something that can come over after school?

Plan to Raise Taxes on the Rich Is Gaining Momentum [NYT]