A.M. Roundup: Fewer millionaires in New York

Good morning! It’s rainy and cool, so bundle up on the way to the office. Gov. Andrew Cuomo is in the New York City area today. Here are this morning’s headlines…

The number of millionaires in New York declined in 2009, along with New Yorkers earning over $200,000, according to new data from the Department of Taxation and Finance. This counters older data by those pushing to renew a surcharge on high-income earners. (GNS)

As people protested his economic policies, Gov. Andrew Cuomo got an award from the Huffington Post presented by his father. (NY1)

Earlier, he attended a private forum to discuss same-sex marriage. (New Civil Rights)

The Cuomo administration reversed three layoffs of psychiatric workers whose job duties help make civil confinement programs possible. (DN)

Over 120 OPWDD workers remain suspended amid charges of abusing those in their care. (BN)

Deputy Senate Majority Leader Tom Libous said he could support a millionaires tax if hydrofracking isn’t approved. (NYP)

State officials are considering several different tax options to monetize the gas drilling that would ensue. (GNS)

The Board of Regents wants Congress to pass the DREAM Act, which would allow undocumented students to gain their citizenship. (GNS)

A report by the NYCLU found Albany Police are a bit taser-happy. (TU)

That organization and journalist Len Levitt are suing the NYPD to get Commissioner Ray Kelly’s schedules. (NYT)

An appellate court ruled the conservative Empire Center can’t have data about pensioners it sought under FOIL. (NYP)

At Occupy Wall Street, a marriage proposal. (DN)

A police administrator who pepper-sprayed a protester could lose vacation time in a disciplinary action. (NYT)

Amid criticism of New York City Mayor Michael Bloomberg, both sides in the trial of John Haggerty presented their closing arguments. (NYT)

The Court of Appeals said Christopher Porco, convicted of killing his father with an ax, is not entitled to a new trial. (TU)

Michael Benjamin says something needs to be done about non-profits that continually get looted. (NYP)

A judge is still reviewing whether to yank Medicaid funding from Pedro Espada’s Soundview network. (DN)

Rep. Chris Gibson has $565,000 in his campaign account. (TU)

Bucky Phillips was trying to break out of prison — again. (PSB)

A state program helps flooding victims. (GNS)

David Paterson interviewed Fred Armisen about being David Paterson. (DP)

Essex County is preparing to override the tax cap. (Press-Republican)

The Finger Lakes Regional Economic Development Council is close to finishing its plan. (D&C)

And here are some national headlines…

The GOP presidential hopefuls debated last night in Las Vegas, putting pressure on Herman Cain’s 9-9-9 economic plan. (WP)

Rick Perry went after Mitt Romney, accusing him of hiring illegal immigrants. (NYT)

Rick Dunham and Carla Marinucci: The debate was the most combative of the candidates’ eight joint appearances this year. Romney, under heavy criticism from both Perry and presidential longshot Rick Santorum, upbraided the two men for repeatedly interrupting him.//”This has been a tough couple of debates for Rick, and I understand that, so you’re getting a little testy,” Romney said after one particularly nasty exchange. (Hearst)

Maggie Haberman has eight takeaways. (Politico)

Of the top candidates, only Perry and Romney have appreciable operations in New York. (TU)

Goldman Sachs lost money last quarter, which is a bad economic omen. (NYT)

  1. ResidentX says:

    NO ONE is better at hiding money, particularly in a down economy… than the wealthy.

  2. Leaving NY Also says:


    Gee..I wonder why the number of millionaires in New York have declined since 2009. Could it be NY has the highest taxes??? So, after they tax the remaining so-called “millionaires” (anyone earning more than $200,000.) Who is left to support the state’s exploding population of Section 8 and welfare????? Who is NY going to raise taxes on next?

  3. amy says:

    why is the Empire Center reference preceded by the word “conservative” – but 2 lines up the NYCLU reference is not preceded by the word “liberal”??

    Why do many in the media feel obligated to point out someone or something if it is conservative in nature – but if it is left wing, it just stands on its own? Bias?

  4. Vinayaka says:

    Well, now we know why Governor Cuomo is so protective of the Rich, while taking his umbrage out on public employees… He’s protecting whathe sees as an endangered species. Quick! Someone call the Wildlife Federation or the Sierra Club!…

  5. choirgirl says:

    shame on you arianna huffington.an award to st andrew – for busting unions and stating that he could not support a millionaire’s tax? really??? not too progressive.

  6. Western ADK says:

    Please – the number of millionaires or billionaires is irrelevant!!
    The fact is they will NOT be paying their fair share of state expenses as of 12/31/11 thanks to the huge tax cut for the wealthy sponsored by Governor Dark Force.
    Meanwhile PEF and CSEA members are being asked to take massive concessions in pay and medical insurance benefits!!
    Is this fair and equitable? Of course not!!
    This is a huge tax cut for the wealthy especially the Governor’s friends – Koch, Milstein, Bloomberg, etc, while middle class public servants are punished.
    Vote NO on the PEF contract.

  7. Sophia Walker says:

    The NYCLU “liberal?” Why, because they try to protect our constitutional rights? I would think conservatives would be all for that.

  8. Sophia Walker says:

    There aren’t less millionaires in New York, there are more people who wised up about hiding their income.

  9. Dek says:

    OF COURSE the # of millionaires is relevant. It shows that they will leave when they are incapable of running their business, or handling their investments in a State which already has too many taxes. The bottom 50% of people in this country in terms of income, PAY NOTHING in taxes. They don’t buy one shovel, one barrel of cement, one uniform for our military, give 1 cent towards welfare, medicaid, etc.

    I am not rich, but this attack on the rich which already pay more than enough for our society, include producing jobs, is enough.

  10. gunga dan says:


    It’s the same reason they often fail to mention the political affiliation in a scandal if it’s a democrat.

    Overall, New Yorkers earning more than $200,000 in adjusted gross income fell 8 percent between 2008 and 2009, a drop from 321,174 filers to 294,287 filers. The state had 8,064 fewer millionaire filers in 2009 than in 2008, falling from 35,908 to 27,844, the records analyzed by Gannett’s Albany Bureau showed.

    “Please – the number of millionaires or billionaires is irrelevant!!”

    Apparently, math is as well. As long as they keep paying your fair share…

  11. NYS Techie says:

    @Sophia Walker: Exactly! And now that Cuomo is laying off so many lawyers from Tax & Finance, they don’t have to worry about anyone finding their stashes of money down in the Caymans. The state won’t be able to go after ANYONE, so EVERYONE is going nuts with their taxes.

    Good job, Governor! Your wealthy friends LOVE you! But they probably still won’t let you hang out in the Harvard Club…

  12. Thurston B. Howell, III , Stateworker says:

    Real easy to see if they left or not. Check the income bracket below $200,000 and if it increased then the loss in “millionaires” is probably due to the recession and temporary.

  13. Easy Manipulation says:

    People are so easy to manipulate. The “Tax the Millionaires” gimmick has been dreamed up by unions and other organizations.

    Everyone should pay their appropriate share of taxes, and I don’t think that salaries should be taxed at a 25% higher rate than investment income. Tax breaks should be expired, and the tax system should be overhauled. Tax brackets for wealthy should not be increased unless all brackets are changed, and government spending is decreased.

    Most of the posters here have a mentality of “Don’t take a dime from me, make the rich pay 50% in taxes since they have so much money”. They earned their money. Most of them contribute to the economy, whether it’s purchasing goods and services from the community (sales tax, job creation, economic stimulus, property tax) or income tax.

    If you want “millionaires” (is $200,000 per year wealthy? It’s good but it doesn’t make you rich) to stay in NY, you can’t bleed them dry. You also can’t take a stand against them over every penny that is threatened from you.

    NYC will always create high paying jobs where the tax can be overcome, but if you want an economy in upstate you can’t kill people who work hard with huge taxes.

    If millionaires vote like PEF, they would reject any increase and insist that the poor are sacrificed. Guess who has more lobbying power.

  14. steven u teitelbaum says:

    Sorry you have it wrong, Lawyers at Tax & Finance do NO investigatory work. their sole reponsibility is to represent the Dept. before the Tax Appeals Division, draft legislation and render in house opinions. Enforcement is supposed to find the money.

  15. elmer says:

    People at all levels of the economy made less in 2009, for all the reasons everyone is aware of–job loss, lower profits, low if not negative return on investments.

    Why do you people jump to tax evasion and thievery to explain a very simple issue?

  16. Easy Manipulation says:

    Who’s hiding money? 1 out of 100 people? So now all wealthy people are committing criminal activities?

    Stashing money in the Caymans? Who are you, John Grisham?

    The vast majority of wealthy people pay taxes based on US and NY tax law. End of story.

    I’d be willing to bet that a larger percent of lower paid people commit tax fraud than wealthy people. How many shady tax write offs happen? Most of the extremely wealthy follow the guidelines to the exact letter of the law, and hire attorneys and accountants to be sure about that.

  17. floydianslip says:

    “A police administrator who pepper-sprayed a protester could lose vacation time in a disciplinary action.”

    So I guess the loss of vacation time is equivalent to temporary loss of vision and abuse of power?

    Those WOMEN were in a net and were not going anywhere. They were not hitting cops or throwing rocks.

    People are not kicking in store windows and looting them like in Europe.

    Conservative bloggers and FOX News are really doing a good spin job on these protesters.

  18. Don1776 says:

    As this report clearly shows, the incomes of the wealthy are highly variable, and taxes targeted at them are unpredictable and unsteady sources of state income.

    Cuomo has got this one right; NY does not have a shortage of revenue, it has an excessive spending problem. We are already the highest taxed state in the country; enough is enough.

    NY needs a leaner and more efficient government. There are too many state employees, too many authorities and agencies, and benefit programs that are no longer unaffordable.

    The Governor has been far too accomodating with the unions, but at least he is taking baby-steps in the right direction. We will not know if he is serious until the 3,500 go out the door, he refuses to re-open negotiations, and he begins implementation of the SAGE recommendations.

    Right-sizing NY government will take many steps and a long time; it remains to be seen if he has the intestinal fortitude to carry it out.

  19. Albany Resident says:

    Boy some of you really hate the rich. Does that mean that you don’t want your own children to be successful, to do well, to be, well, RICH? And if you do want your children to be “rich” then wouldn’t you advise your own children to take advantage of every opportunity to keep as much of their hard earned money as they can? Or is it that the rich are evil except your own HARD working child? I want my children to do well, I want them to become rich, I want them to be one of those that a lot of you love to hate. I want them to pay ONLY their share of the taxes, not more than their share as alot of you want. I am not a rich person, and my children starting out their lives are not rich, but when they do become rich I want them to be happy and proud of their success. And quite frankly the h… with those of you that just complain about the “rich” paying their fair share, they already pay more than their fair share.

  20. elmer says:

    Cool your jets floyd, she will sue and recover. Guy is a bonehead, end of story.

  21. Kevin Donovan says:

    The wealthy can devise more ways to hide their money (i.e., C-copr.s, S-corp.s and other business entities). This does not mean the tax will not raise more money – it will. It will also force them to put the money into more productive purposes rather than hording it in their bank account. Hey, maybe they will pay their employees more to avoid the tax.

  22. sammy says:

    amy – I agree that the Empire Center should not be called “conservative” – they should be called “corporatist”. Corporatists want to radically undo the New Deal, radically destroy the Middle Class, radically destroy the environment. That is NOT conservative.

    Tax the Rich. It’s the MORAL thing to do.

  23. Andrew says:

    floydianslip and I thought you worshiped unions???

  24. cms says:

    Thanks for posting the link to the marriage proposal story. The bride is a native of Colonie so she’ll be glad to hear that it made the TU.

  25. Athenos says:

    If so, this only gives proof that the lower income classes are growing while wealth continues to concentrate among fewer & fewer people. Only more reason to tax the rich & share the pain. They need to pay back what they owe the society they stole it from.

  26. woo says:

    OK, so Andy is adamant about giving just the 2%ers a tax break, so I ask all the supporters of this 2%er tax break — who do you think is going to pay for the lost billions of tax revenue dollars in the coming years?

    HINT: if it ain’t the 2%ers and it ain’t the poor or folks who pay no New York State tax at all, who do you think it’s gonna be? Orrrrrrrrrr ….. is Andy gonna cut spending by billions each year to make up the difference in lost tax revenues?

    Anyone who figures this out gets a free cookie!

  27. elmer says:

    Is there an “unradical” way to do all those things, sammy?

  28. CNITB4 says:

    The millionaires didn’t go anywhere, but short trips. You people are so gullible. #1 You can declare yourself a part-time resident while still actually living in state the entire year (just look at your representatives), #2 if you hide you money right and have enough “expenses”, you can be money poor and asset rich at the very least. You people aren’t expected to understand because you aren’t rich, don’t know how to spin numbers like thieves ( or haven’t been ripped off by one), or don’t have the financial education. Good for you, them and bad for all of us as a society.

  29. Easy Manipulation says:


    ANYONE can start a corporation. Using a C-Corp to hide money would be foolish since income is double taxed. A majority of S Corps are small business that would not fit into any definition of wealthy.

    The extremely wealthy pay lower taxes because of the different tax brackets on capital gains. They aren’t hiding money. They are following the current tax codes.

    Maybe some tax codes should be changed, but you can’t accuse the majority of people of hiding or cheating anything.

  30. Not So Easily Manipulated says:

    Oh sure, the rich are famous for being the most upstanding and generous members of society. They all pay their fair share of taxes, and not a single wealthy person in New York would ever dream of engaging in any of the well known tax-avoidance strategies which result in untold millions of dollars in tax-free cash for those able to afford the best accountants and lawyers.

    Of course we troglodytes tend to think of income as being primarily salary-based, but the wealthy “earn” the big bucks not from the 9 to 5 grind, but from dividends and capital gains generated by appreciated real estate, investment income and the sale of businesses; as well as from lines of credit and loans secured by their assets, etc, all of which Congress and the White House have for decades dutifully skewed the tax code to favor come April 15th.

    And then of course there are entire industries built around writing off supposed financial and business losses, dubious insurance claims, hiding assets and moving wealth to offshore locations. But those only exist in the movies, right?

    As Warren Buffett never tires of saying, most of his income comes from dividends, so his tax rate is much lower than that of the janitor who cleans his office. But for some reason nobody seems to be listening to Buffett, instead we’re listening to Governor Cuomo, who has shrewdly been able to make the dialogue not about raising the income tax on those best able to afford it, but instead about 3000 impossibly greedy middle-class working men and women who will be forced into unemployment in order to take a savings in the state budget that is in truth so MINISCULE it is irrelevant, a statistical non-entity, a rounding error.

    Kudos to Cuomo, being able to convince ANYONE that cutting jobs in this economy is preferable to a temporary raise in the income tax on the rich is nothing short of a miracle. I’d guess it was some sort of mass hypnosis, but the fact is the people of New York overwhelmingly support raising the income tax on the rich, so I can’t help but conclude that what the governor is doing is pandering to his rich campaign contributors, and ignoring the people who elected him. But he certainly wouldn’t be the first politician to do that, would he?

    And then he has the nerve to compare his “moral” opposition to the millionaire’s tax to his father’s opposition of the death penalty? Please. Maybe the younger Cuomo would do well to remember that his father’s opposition to the death penalty, while morally correct, was one of the reasons his father was ignominiously defeated by a half-wit named George Pataki. Or are our memories really that short?

    Any argument against making the rich pay more taxes is nothing but right-wing hogwash. New York City is teeming with the wealthy, who could easily weather a higher income tax rate for a few years, until our state and nation either recover from the fiscal mess we’re currently in or fall to the invading Chinese.

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