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"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. LINK: http://www.washingtonpost.com/wp-dyn/content/article/2009/02/21/AR2009022100911_pf.html 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. LINK: http://www.rushlimbaugh.com/home/daily/site_021909/content/01125107.guest.html
i'd have to see some believable numbers from a reliable organziation before i'd fully agree with such an eye-widening assertion by the mayor. considering that the real nyc population including illegals is closer to 11 million, that would be only .000004 (right?) of the people paying most of our taxes. sounds rough, but i don't think i'd mind being in that oppressed minority. on the other hand, there are states with no income taxes, isn't our close neighbor delaware one? isn't ny already losing business at an alarming rate? if you can conduct business from bangalore, you certainly can conduct it from wilmington.
btw, the war in irak is not what wrecked the economy; 90% of that money is spent here; it's just another govt program; what wrecked our economy is nafta, cra, the senate banking committee, and 70% of our economy being dependent on consumerism. when you spend every penny you make and 10cents more and do it by refinancing your house every 6 months. when our national wealth all goes to the oil producers and china, waddaya want. now we have to go hat in hand to china to borrow back our money.
Supposedly the mayor said - and I haven't found a quote in a reliable source - that 1% of households pay most of the taxes. But even Ken Pokalsky, the senior director of government affairs at the Business Council of New York, said, “The top 4 percent of taxpayers in New York pay 55 percent of all personal income taxes,” which isn't the same thing at all. He may have been referring to the whole state, though. In any case, the boys at the top are making too muich. Higher taxes, preferably federal with revenue sharing, are the best way to solve the problem.
The 2009 triple tax whammy on the "rich"--just the thing to completely kill New York City's economy. It is nice to read the interesting discussion. It is informative and useful post. thanks for sharing. jon benson
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My guess is that the lower-paid spouse (still subject to FICA) in a couple earning say $150K to $300K will face a marginal federal/payroll/state/local tax rate of 60% to 65% within three years. Not because of what is being proposed -- but because what is being proposed plus what will be forced on future decisionmakers. And in the end, no one's taxes will be lower.
And services and benefits will be cut.