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Under "Two 7/10ths of One Percent Surcharge" Proposal |
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Adjusted Gross Income |
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$125,000 |
$250,000 |
$500,000 |
$1,000,000 |
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New York Tax |
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Adjusted Gross Income |
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$125,000 |
$250,000 |
$500,000 |
$1,000,000 |
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Itemized Deductions |
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$22,768 |
$24,870 |
$33,390 |
$47,520 |
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Exemptions |
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$2,000 |
$2,000 |
$2,000 |
$2,000 |
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Taxable Income |
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$100,232 |
$223,130 |
$464,610 |
$950,480 |
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Total Tax-Current Law (2002) |
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$6,469 |
$15,284 |
$31,826 |
$65,108 |
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Total Tax - Proposed Law (2002) |
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$6,644 |
$16,684 |
$36,726 |
$77,008 |
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NY Tax Increase |
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$175 |
$1,400 |
$4,900 |
$11,900 |
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2002 Federal Tax with Proposed Surcharge |
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Adjusted Gross Income |
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$125,000 |
$250,000 |
$500,000 |
$1,000,000 |
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Deductions |
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$29,346 |
$48,510 |
$85,743 |
$160,496 |
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Exemptions |
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$11,800 |
$7,552 |
$0 |
$0 |
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Taxable Income |
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$83,854 |
$193,938 |
$414,257 |
$839,504 |
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Total Tax |
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$15,987 |
$49,691 |
$130,662 |
$294,808 |
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2000 Federal Tax |
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Adjusted Gross Income |
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$125,000 |
$250,000 |
$500,000 |
$1,000,000 |
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Deductions |
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$29,172 |
$47,222 |
$81,431 |
$150,381 |
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Exemptions |
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$11,200 |
$6,048 |
$0 |
$0 |
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Taxable Income |
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$84,628 |
$196,730 |
$418,569 |
$849,619 |
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Total Tax |
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$17,821 |
$53,871 |
$138,421 |
$309,117 |
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Federal Tax Cut (from 2000 to 2002) |
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$1,834 |
$4,180 |
$7,759 |
$14,309 |
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Proposed NY Tax Increase |
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$175 |
$1,400 |
$4,900 |
$11,900 |
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% of Federal Tax Cut Retained |
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90% |
67% |
37% |
17% |
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Net Tax Reduction |
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$1,659 |
$2,780 |
$2,859 |
$2,409 |