"Millionaire's" Tax, Times Three (NYC, NYS & US)
Why soak the "millionaires"? That's where the money is!
In Sunday's Washington Post, it's stated that President Obama will increase taxes on the wealthy. New York State wants a "millionaire's" tax. Many members of the New York City Council also want to soak the "rich."
It's a triple whammy on anyone who still has money. It's a big "GET OUT OF TOWN" sign from New York to its wealthiest citizens, and maybe a "GET OUT OF THE COUNTRY" sign as well.
The top 1% of all earners already pay about 40% of everybody's taxes. If there's a tax limit where someone is paying 50%, 60%, 70% or more of every extra dollar to the government, that person is going to quit making more money. It ain't worth it. Government collections go down.
There are a good deal fewer "millionaires" in 2009 than there were in 2007. Watch the definition of "millionaire" trickle down to $100,000 per family--almost survival wages to anyone living in Manhattan.
This past week, Mayor Bloomberg stated that about 40,000 families pay most of the taxes for New York City's eight million plus residents. If just 10,000 or 20,000 of these families leave, it's disasterville. Even Michael Bloomberg ("Mayor Tax Increase") gets it.
The 2009 triple tax whammy on the "rich"--just the thing to completely kill New York City's economy.
Obama's First Budget Seeks To Trim Deficit
By Lori Montgomery and Ceci Connolly
President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on businesses and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said.
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