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Wednesday, February 11, 2009

Let the moaning and groaning begin

It doesn’t have a bill number yet, much less a timetable for committee discussions and the inevitable pyrotechnic floor debate, but Sen. Eric Schneiderman’s version of the millionares income tax hike has been introduced.

Actually, it’s more like a quarter-millionaire’s tax hike, as it raises from 6.85 percent to 8.25 percent earnings above $250,000; rising to 8.99 percent for incomes above $500,000 (same as New Jersey, say supporters) and 10.3 percent for earnings above a million, just like in California.