Rep. Robyn Porter, a Democrat from New Haven, criticized Malloy and top legislative leaders from both parties for declaring early in the budget process that tax
increases for top earners were off the table.
Not exact matches
Higher taxes on
top earners or
increased corporate tax rates
for firms with very high CEO - to - worker compensation ratios could rein in executive pay without adversely affecting workers or the economy, the report suggests.
For the past thirty years or more, the
top one percent of
earners have received more than half of all income
increases.
A six per cent
increase to the
top federal income tax bracket,
for example, might bring in $ 1 or $ 2 billion per year — not nearly enough to compensate millions of middle -
earners with stagnating wages.
Liberal groups are eager
for the expiring rates to set the table
for a debate on
increasing taxes on the wealthy, essentially defined as the 1 percent of
top earners in New York, or those who make $ 665,000 and above.
Treasury Chief Secretary Liam Byrne said the
increase was explained by recovery in the economy as the country comes out of recession and existing tax plans such as the 50p rate
for top earners.
The groups called
for a return to higher rates
for top income
earners, more spending on education and municipal aid — which they said would keep locally imposed property taxes in check — as well as
increased oversight of several business tax credit programs.
De Blasio has called
for a tax
increase for the city's
top earners — a change that would require state legislative approval.
«One of the stories of the resource boom is that there are definitely
increases in median income, but most of the gains are going to go to the
top (
earners),» said David Macdonald, a senior economist with the Canadian Centre
for Policy Alternatives.
For high - income
earners living in Alberta, whose tax rates have
increased dramatically since last year, the impact on their take home pay this month will be much more severe as Alberta's
top federal / provincial combined marginal rate went from 40.25 per cent in 2015 to 48 per cent in 2016.
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