Most people like the idea of paying less in taxes.
City Comptroller John Liu, who is running for mayor of New York City, has devised a plan to cut taxes for 99 percent of city residents—and make up the difference 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 more would go from paying $37,408 to $42,967, a difference of $5,559.
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.