Could Gov. Paterson be considering millionaire's tax after all?
Despite his initial staunch opposition to a so-called millionaire's tax in New York state, Governor Paterson could be soon changing his mind, according to the New York Times.
According to the article published Wednesday morning, state lawmakers are revisiting the idea of increasing the personal tax on the wealthiest New Yorkers to help close the state's $15 billion deficit.
A millionaire's tax bill, backed by Assembly Speaker Sheldon Silver, was passed by Assembly Democrats last August, but faced opposition from Senate Republicans.
It would have raised the personal income-tax rate to 7.85 percent from 6.85 percent for those making more than $1 million, and 8.6 percent for those earning more than $5 million.
Silver eventually backed off the idea in October, citing the Wall Street meltdown as a poor time to push the bill.
Paterson, too, had resisted the idea, saying a tax on the wealthy would drive them out of the state.
But the New York Times reports now that Democrats control the Senate, the Assembly and the governor's office, the bill could be revived on to a path toward actual passage.
In his 2009-2010 budget introduced in December -- a month earlier than usual -- Paterson did not propose any income tax increases (though he did include a host of new taxes and fees, including the unpopular soda tax and iTunes tax), but has since admitted that "taxing the wealthy is probably going to be part of the solution if the deficit gets any worse, and all indications are that it probably will."
Recent polls indicate the public would support the Governor's push for a millionaire's tax. As many as 80 percent of those polled in Quinnipiac survey favored an income tax increase on those making $1 million or more.





