Fewer Millionaires in Westchester/Rockland

Fewer millionaires are calling Westchester and Rockland home. The latest report from State officials noted a 5 percent decline in $1M earners from 2012-2013 – in actual numbers, the drop was approximately 41,000 to about 39,000– the reason is an inflated figure in 2012 with an increase of wealthy earners choosing to take capital gains and dividends fearing a federal tax hike that year. The number of wealthy New York households is the lifeblood of NY state’s fiscal health.   Even though million dollar earners make up less than 1% of total taxable earners, those making a million or more pay approximately 40 percent of the state’s total income taxes. According to IRS data, New York State’s increase in millionaires was approximately 8 percent from 2011 to 2013 while the national average was up to about 11 percent. In the latest budget documents from Albany, the number of million or more earners outside of Manhattan is close to 19,000. Westchester County was listed as having the most millionaires outside of Manhattan at approximately 6,900 people but that figure was down almost 6 percent from 2012 to 2013, but unchanged since 2006. Rockland county has approximately 465 million-dollar earners, showing an 8 percent decline, Putnam 487, dropping 13 percent from 2012 to 2013 — but each county was up since 2006. According to the state budget report taxing the rich brings in approximately $3.7 billion in state revenue each year. In order to boost the tax rate, assembly Democrats in January had been pushing for higher taxes on those earning more than $5M per year but the Republican-led Senate opposed the increase.

 

Snow Closings Updated Regularly

Please click on the image below to view all snow closings for Rockland County.