Keeping The Albany Grinches Out of Your Pocket This Holiday Season: Reforming the Holiday Bonus Tax

Posted on November 25th, 2009

Lucretia Regina-Potter, declared candidate for New York State Assembly from the 49th Assembly District, has released the following statement in response to “In Defense of Big Bonuses” from Courier Life’s “Ahoy Matey” column published on November 17, 2009

“The dysfunction in Albany must end.  Assemblyman Peter J. Abbate, a 20+ year incumbent, and his Albany cronies are brazenly boasting about the whopping 40% in taxes they take from your Holiday bonus!

We are all doing our best to get through these tough times, but CEO’s of large corporations aren’t the only ones who get year-end bonuses. Plenty of people right here in our own neighborhood, who are fortunate enough to receive a year-end bonus, and who undoubtedly worked very hard all year,use what little they do get to pay bills and possibly bless the family during the Holiday season.

Most of us do not realize that even the smallest bonus gets taxed at a whopping 40%, no matter how small your income is! That’s according to the supplemental wage withholding tax requirement, which one might more aptly call the Holiday Bonus Tax.

This is a tax issue our legislators should have looked into a long time ago. Instead, they gloat over how they will tax us to fix their budget mess. What should we expect from incumbents who cannot get laid off, even when they max out the taxpayer’s credit card again and again? People like that do not understand what we have to do to make ends meet.

One of the reforms I would introduce immediately when elected to the NY State Assembly is middle-class tax relief. This would include certain exemptions for year-end bonuses from the Holiday Bonus Tax. I will also vote against any irresponsible state budget that is not balanced, so we can stop the grinches in Albany from raiding our wallets and taking our hard-earned money, especially during the Holiday season.”

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