Letter: 'Millionaire's tax' starts too low

Lisa Tyson's recent opinion article, "Extend New York's 'millionaire's tax' " [Nov. 2], was a head scratcher. It was clear that she believed the wealthy, or as she called them, the "high rollers," should pay more taxes. It was not clear whether she believed the threshold for being considered wealthy started at $200,000 or $1 million.

One of her arguments is that those with individual incomes of $200,000 and families with joint income of $300,000 represent "high rollers" and should pay tax at a higher rate than the less affluent. If she has paid attention to any of the debate on the expiration of the Bush tax cuts, she would be aware that Long Island's House and Senate representatives in Congress agree that this is far too low a threshold for one to be considered wealthy. In fact, Sen. Charles Schumer (D-N.Y.) wants to raise the minimum to $1 million -- a level that is attracting increasing support. As she correctly pointed out, this level also attracts widespread public support as a basis for identifying the "wealthy."

Tyson fails to consider that the current tax table is progressive, although it may not be as progressive as she would like. New York State tax rates start at 4 percent of adjusted gross income for the first $16,000 for a family, or $8,000 for a single person. For families, it gradually rises so that adjusted gross income above $40,000 is subject to a 6.85 percent rate, while that rate kicks in for singles after $20,000.

I'd say that the state is already looking out for the 95 percent that Tyson is seeking to protect.

Kenneth F. Haines, West Hempstead