"Millionaire's" Tax, Times Three (NYC, NYS & US)

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"Millionaire's" Tax, Times Three (NYC, NYS & US)

posted by Barry Popik
Sun, 02/22/2009 - 3:44am

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.

LINK:

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/21/AR2009022100911_pf.html

Obama's First Budget Seeks To Trim Deficit
Plan Would Cut War Spending, Increase Taxes on the Wealthy

By Lori Montgomery and Ceci Connolly
Washington Post Staff Writers
Sunday, February 22, 2009; A01

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.

LINK:

http://www.rushlimbaugh.com/home/daily/site_021909/content/01125107.guest.html

Shazam! Mayor Bloomberg Finally Understands Who Pays NYC Taxes

February 19, 2009

BEGIN TRANSCRIPT

RUSH: Mayor Bloomberg, state and city revenues in New York are falling because of the Wall Street collapse. State lawmakers are considering income tax increases for households earning between $250,000 and $1 million. They already pay a 6.85% income tax rate. Mayor Bloomberg, who as recently as six months ago would have supported this, had something different to say about it recently on the radio. It's sound bite number 11.

BLOOMBERG: One percent of the people that live in the city, the households that file in the city pay something like 50% of the taxes. In a city that's about 40,000 people so, you know, a handful left, any raise would make it revenue neutral. The question is, "What's fair?" If one percent are paying 50% of the taxes, you want to make it even more? A little over half the people, half the households who file tax returns don't pay any taxes. And about 30% of the households that file get a credit from the government. The government sends them a check. That's the Earned Income Tax Credit.

RUSH: Shazam! Shazam! Folks, I feel like the lid's blowing today. But did you catch this? Forty thousand people in New York City are paying 50% of the taxes. Forty thousand people, and he's worried that this state tax increase will force some of them to leave -- and if they do, it will wipe out whatever new revenue is generated by a tax increase. Amazing!