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.

Chuck Schumer (who's Jewish) brings us the stimulus/porkulus/spendulus quote-of-the-day.

Personally, Chuck, I'd rather have lower taxes and more money in my pocket. I also want to turn over the world to my young daughter with assets rather than debts.

LINKS:

http://www.nypost.com/seven/02102009/news/politics/schumer__americans_like_pork__154427.htm

SCHUMER: AMERICANS DON'T MIND A LITTLE PORK

Last updated: 4:01 pm
February 10, 2009
Posted: 1:26 pm
February 10, 2009

Thirteen Broadway shows have closed within the last month, including spectacles like “Spamalot,” “Hairspray,” “Spring Awakening” and “Young Frankenstein.” The last thing New York City needs is for ticket prices to go higher and more of the Great White Way to go dark. -- New York Times editorial, February 6, 2009.

Just as Broadway is dying, New York State proposes a new 8% theater ticket tax.

Brilliant!

Tourists are suckers! They'll be happy to pay $800 for a hotel room and $150 a seat for a Broadway show during a depressed economy! New York State has a budget deficit--hey, why don't we kill off Broadway and all tourism to New York City?

Why is government still in the apartment business?

The late, lamented (by me) New York Sun preached against rent regulation from its first issue to its last. The Democrat-led Assembly has just passed strong anti-landlord legislation, bringing rent regulation back in a big way. There's a good chance that the Urstadt law will be repealed and landlords will be at the mercy of Christine Quinn's political ambitions.

Hasn't this economic downturn taught us anything? New York government has long been corrupt, and now it's bankrupt. You don't want New York government running anything.The free, unregulated real estate market has worked just fine in almost every other city in the country.

Mayor Michael Bloomberg ("Mayor Tax Increase") wants to increase New York City's sales tax, already one of the highest in the nation. Shock!

Is anyone keeping tabs on Bloomberg's tax increases? Could someone add them all up? That's the way to get New York out of the recession--HIGHER TAXES FOR EVERYONE!

Today's New York Times article doesn't even mention MTA's proposed "mobility tax" and tolls on all the East River crossings.

Why wasn't this proposed sales tax increase mentioned in this month's state of the city address? Bloomberg mentioned detailed programs to go after the squeegee men. Why not mention the planned tax increases that will hurt all New Yorkers?

"Today, I’ll outline a nine-point plan that will allow us to retain and create as many jobs as possible now and 400,000 jobs over the next six years, in all five boroughs."--Michael Bloomberg's State of the City address.

400,000 jobs in six years? How's that gonna happen? And, since the next mayor will be elected for four years (not six years), does that mean Bloomberg's going to run for a fourth term?

Government shouldn't be creating any jobs. Private industry should be creating jobs. Government should be getting out of the way by offering a low-tax environment. Isn't New York City government shedding jobs, just like every other employer in this economy?

Are municipal bonds the world's largest Ponzi scheme? Is 2009 the year that it all comes crashing down, as cities and states default? (Do they have any choice?)

Muncipals bonds, in theory, are perfectly legitimate. However, as municipalities became addicted to debt and unwilling to raise taxes, selling off the distant future to pay for the present and near future sounded pretty good to politicians. This all brings us to creatures like the MTA, needing new bonds to pay off the old bonds. Forget about transportation, its stated purpose.

Two recent articles are about the New York Yankees' misuse of municipal bonds, and one article in Saturday's NY Times deserves a look.

You look like a smart person who wants to earn a little money in these tough times. Wanna buy a municipal bond?

Triple tax free. Guaranteed income. New York, California--trust me, they're not gonna go out of business.

'This year you should worry about bonds," wrote John Crudele in the January 6th New York Post. "You say you don't own any. Well, that doesn't really matter because if the bond market is in a bubble - like I think it is - and it bursts, then the whole economy is going to suffer even greater pain."

Today's New York Times story is titled: "Nationwide Inquiry on Bids for Municipal Bonds." The story touches on New Mexico Governor Bill Richardson's problems, but then casts a nationwide net.