Silver says New York needs to boost tax revenue

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By THE ASSOCIATED PRESS

Story Created: Feb 9, 2009 at 6:05 PM EST

Story Updated: Feb 9, 2009 at 6:05 PM EST

ALBANY, N.Y. (AP) - Assembly Speaker Sheldon Silver says the state's income tax brackets ultimately should be restructured, but
not now.

The Manhattan legislator says the immediate goal is to increase revenue to help close a projected $13 billion budget deficit for the state's upcoming fiscal year.

Silver's majority in the Assembly has previously passed legislation to raise taxes on New Yorkers earning $1 million or more a year. He says that so-called "millionaire's tax" is still before his Democratic conference, and he hasn't brought any other proposal.

Neither Governor David Paterson nor Senate Democratic Majority Leader Malcolm Smith has supported the tax hike.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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