The NYS Tax Triple Whammy for the Rich

This is the triple whammy for the wealthy in New York. Last year, New York sharply increased income taxes with the so-called millionaire's tax, which starts well below $1 million. Second, the Obama administration will sharply increases taxes on the wealthy (families making more than $250,000) when it allows the Bush tax cuts to expire, raising income tax rates and the tax on capital gains. The health plan is the third whammy since it applies a 3.8% Medicare tax to capital gains and dividends on families earning more than $250,000 and individuals making more than $200,000.