Frequent readers of my posts may recall this http://www.r8ny.com/blog/larry_littlefield/taxes_generational_equity_state_and_local_taxes.html portion of this http://www.r8ny.com/blog/larry_littlefield/taxes_generational_equity_part_one.html analysis last February. By preparing a tax return for a hypothetical Brooklyn retired couple with an income of $75,000, and a hypothetical working couple with a child who also had the exact same income of $75,000, I found that the older couple would have paid just $2,570 in state and local income and property taxes, or 3.4% of their income, in 2006. The young couple, despite having the cost of caring for a child, despite working rather than relaxing at home, despite having the same income, despite not having health insurance while paying Medicaid taxes so the older couple could have health insurance, despite having little wealth rather than a paid up home, would have paid $7,857 in state and local taxes, or 10.5% of their income, in 2006. The state legislature is now prepared to act to correct this obvious unfairness. By providing an additional $200 million in property tax breaks to – senior citizens.
Is there no shame? Do any of the offspring of New York’s seniors still live in this state, and if so, do they care about them? The sense of entitlement is unending, and unjustified.