IBO: The highest-earning 10% pay 71.2% of city taxes; the top 1% out-earns the next 9
Interesting IBO numbers from NYC…
The Independent Budget Office just released some fascinating numbers about who pays New York City taxes, providing grist for opponents of higher taxes on top earners even as it reinforces the idea of a remarkable concentration of wealth among one percent of the city’s taxpayers.
The analysis came at the request of the City Council’s Republican minority leader, James Oddo, who represents a blue-collar swing district in Staten Island and is running for borough president in 2013.
According to IBO’s analysis, “Filers with incomes below $49,500” accounted for only 8 percent of the personal income taxes here in 2009. “Filers with incomes over $105,400” in 2009, by comparison, paid 71.2 percent.
The report also said that within the ten percent of filers who paid that 71.2 percent of income taxes, “the top one percent received most of the income and incurred most of the tax liability.”
It also said that there are 1,180,000 filers who pay no personal income tax whatsoever, “in addition to those low-income persons and households who do not file tax returns at all.”
After seeing the numbers, Oddo said, “[W]e should not be attacking high-income New Yorkers because their tax dollars fund, in large measure, all the services that New Yorkers have come to rely on.”
What defines the phrase of ‘paying your own fair share’?