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    NYC comptroller: Raise income tax for 1 percent

    Associated Press – Fri, Jun 15, 2012

    NEW YORK (AP) — New York City Comptroller John Liu says the city's income tax system is unfair and top earners should pay more.

    Liu released a plan Thursday to cut taxes for 99 percent of New Yorkers while boosting tax rates for joint filers who earn more than $500,000 a year.

    New York City's local effective tax rate is relatively flat. A family that earns $50,000 a year pays a tax rate of 3.3 percent while a family that earns $1 million pays a rate of 3.7 percent.

    Under Liu's plan, the family earning $1 million would see its rate rise to 4.3 percent.

    Liu says his proposal makes the city's rates "truly progressive" and would help close budget deficits.

    A spokesman for Mayor Michael Bloomberg did not return an email seeking comment.

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