Politics & Government

Liu Seeks to Raise Taxes on the One Percent

Married couples making $250,000 per year would save the most under new proposal.

Most people like the prospect of paying less in taxes.

City Comptroller John Liu, who is running for mayor, has come up with a plan to cut taxes for 99 percent of City residents—and make up the difference by increasing taxes on the other one percent by as much as $60,519 per year.

If couples making a personal income of $5 million and greater fork over an additional $60,519 more than their current tax liability of $192,448, Liu says he can cut taxes for the 99 percent, and still reduce the city’s expected budget shortfall.

Find out what's happening in Prospect Heights-Crown Heightswith free, real-time updates from Patch.

A couple making $1 million or over would go from paying $37,408 to $42,967, a difference of $5559.

A couple making $500,000 or less would received a tax cut of $61. And a married pair making $30,000 would pay $283 less than their current liability of $925.

Find out what's happening in Prospect Heights-Crown Heightswith free, real-time updates from Patch.

Couples making a combined $250,000 would benefit the most form Liu’s plan; their taxes would be cut by $941.


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here

More from Prospect Heights-Crown Heights