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New York State Assembly Looks at Millionaire's Tax
FOX NEWS ^ | 05/26/2010

Posted on 05/26/2010 7:19:15 PM PDT by SeekAndFind

New York State Assembly Speaker Sheldon Silver is reportedly pitching a plan for an increased "millionaire's tax" aimed at 75-85 thousand New Yorkers making $1 million or more a year.

Political columnist Fred Dicker , who appeared on Wednesday's Good Day New York, says Silver secretly proposed a $1 billion tax hike on the highest income earners to Gov. Paterson.

The plan would jack up a current millionaires tax another 11-percent. The current "millionaire's tax" actually starts affecting people who have incomes over $200,000. High income tax earners would pay more than 13-percent of their salary in local taxes.

The highest one percent of income earners account for about 36 percent of all state taxes.

The state is trying to close a $9.2 billion deficit.

(Excerpt) Read more at myfoxny.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: millionaire; millionairestax; newyork; taxes

1 posted on 05/26/2010 7:19:15 PM PDT by SeekAndFind
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To: SeekAndFind

These people are insane.

This will cost them revenue, not generate any.


2 posted on 05/26/2010 7:21:04 PM PDT by Bobalu ( "Israel must be like a mad dog, too dangerous to bother." ..Moshe Dayan:)
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To: SeekAndFind
This is such good news.

Those millionaires fleeing to PA (they can't flee to NJ, CT, or MA) will lower my taxes.

I Love New York!

3 posted on 05/26/2010 7:22:12 PM PDT by FredZarguna ("Thomas Jefferson still survives.")
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To: SeekAndFind

Pretty soon, all the millionaires will be setting up shop in...oh, I don’t know,... Wyoming!


4 posted on 05/26/2010 7:22:30 PM PDT by Signalman
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To: SeekAndFind

GO FOR IT!

Make it a 90% tax! Show us what REAL Socialism is all about.

(Happy I don’t live in New York)


5 posted on 05/26/2010 7:25:07 PM PDT by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: SeekAndFind
All those rich liberals should be happy to have their taxes raised.

Huh? What's that? They're ordering the moving vans now?

6 posted on 05/26/2010 7:30:48 PM PDT by McGavin999 (Illegal is not a race, it is a crime)
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To: SeekAndFind
Who knew that "Escape From New York" was a how-to movie and not just fiction?

/johnny

7 posted on 05/26/2010 7:32:51 PM PDT by JRandomFreeper (Gone Galt)
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To: SeekAndFind

And you wonder why a lot of New York millionaires are packing their bags and moving to Florida.


8 posted on 05/26/2010 7:34:07 PM PDT by RayChuang88 (FairTax: America's economic cure)
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To: SeekAndFind
Yeah, that'll work - just like Maryland's millionaire's tax worked. Oh, wait a mo, the MD tax didn't work. Duh.


9 posted on 05/26/2010 7:34:09 PM PDT by Oceander (The Price of Freedom is Eternal Vigilance -- Thos. Jefferson)
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To: Bobalu

Exactly. Just look to Rush for the example. Stupid is as stupid does!


10 posted on 05/26/2010 7:35:33 PM PDT by Sunshine Sister
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To: SeekAndFind
Well, high end moving companies should get a boost.
11 posted on 05/26/2010 7:36:14 PM PDT by KarlInOhio (I am so immune to satire that I ate three Irish children after reading Swift's "A Modest Proposal")
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To: SeekAndFind

Tax the rich. Just damn! What a plan, I wonder why nobody thought of it before now?


12 posted on 05/26/2010 7:36:32 PM PDT by Graybeard58 (No Romney,No Mark Kirk (Illinois), not now, not ever!)
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To: SeekAndFind

The current “millionaire’s tax” actually starts affecting people who have incomes over $200,000.


Why stop there? Why not mandate that peope who earn over $200K have to take poor families into their homes, and provide them with food, medical care, and entertainment? Sounds reasonable to me. [/s]


13 posted on 05/26/2010 7:36:39 PM PDT by rbg81 (DRAIN THE SWAMP!!)
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To: SeekAndFind

Most NY millionaires are Democrats anyway, so who cares. The conservatives got out a long time ago.


14 posted on 05/26/2010 7:37:33 PM PDT by rockhardo (God bless Art Linkletter.)
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To: SeekAndFind

Apparently Speaker Silver has never heard of the Laffer curve. Sure, he can raise taxes as high as the sky. But no matter how high they raise taxes, revenues will never climb above about 18% of GDP. Raising marginal rates beyond that simply results in the government collecting taxes on a smaller GDP.

Based on my understanding of economics, there is a tipping point beyond which raising taxes results in less revenue to the treasury. New York passed this point years ago. A 1% tax cut, with spending reined in to that level, would most likely result in a 2%-3% increase in GDP, and a resulting increase in revenue.

There is also a tipping point at the other end of the scale, where if essential government services such as police and roads no longer exist, then that also strangles the economy. And bizarre as it may seem, New York is reaching this point also, by diverting revenue from these core areas to social welfare.


15 posted on 05/26/2010 7:40:33 PM PDT by Ostlandr ( CONUS SITREP is foxtrot uniform bravo alfa romeo)
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To: SeekAndFind
They didn't get the hint when Limbaugh pulled up his stakes and left. In fact, they cheered that they got him to leave.

How many more will follow him? Or just move to Jersey or Conn?

16 posted on 05/26/2010 7:41:06 PM PDT by Tanniker Smith (Obi-Wan Palin: Strike her down and she shall become more powerful than you could possibly imagine.)
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To: SeekAndFind
All 62 senators and about three-quarters of the 150 Assembly members get extra stipends in addition to the base salary, raising the average total salary to almost $92,000 a year.

the average New Yorker earns $49,930 a year

This leads me to think the rich tax, should start at $50,000.

17 posted on 05/26/2010 7:47:39 PM PDT by razorback-bert (Some days it's not worth chewing through the straps.)
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To: SeekAndFind

Won’t pass. Remember when Bloomberg said that like 50,000 NYC residents pay over half the city taxes?


18 posted on 05/26/2010 7:56:54 PM PDT by Extremely Extreme Extremist
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To: SeekAndFind

Golisano and Limbaugh already left NY. Last millionaire out of ny please turn the lights off...


19 posted on 05/26/2010 8:03:49 PM PDT by ez ("Abashed the Devil stood and felt how awful goodness is." - Milton)
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To: SeekAndFind

Bet you that Rush is laughing his butt off...

Buy stock in U-Haul & major moving companies.

There will be a major fleeing of New York by those taxpayers-—because they obviously can afford to move elsewhere.

Bloomberg is insane in letting that mosque get built near the site of 9-11. Those Muzzies want to hold their GROUNDBREAKING ceremony on 9-11-2011....Tell me that is not a kick in the teeth of New Yorkers.

Who is going to tolerate the call to prayers 4 times a day—wafting all over Manhattan????


20 posted on 05/26/2010 8:07:53 PM PDT by ridesthemiles
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To: SeekAndFind

In 2009, Corzine enacted a millionaire’s tax in NJ. $70 billion of wealth left the state.

The NJ Legislature voted to renew the tax, but Christie won’t sign it.


21 posted on 05/26/2010 8:09:59 PM PDT by randita (Visit keyhouseraces.com for a list of vulnerable DEM and must hold GOP House seats.)
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To: rbg81
Why not mandate that people who earn over $200K have to take poor families into their homes

Watch the movie "Dr. Zhivago." The Russian revolution created just such a situation well-portrayed in that movie.

The formerly wealthy family at the center of the story used to "own" their house but were forced to "share" it with many communist comrades after everyone became "equal."

The former owners were forced to retreat into a smaller and smaller part of their own house by demand of the communist party.

22 posted on 05/26/2010 8:17:18 PM PDT by NoControllingLegalAuthority (As Wichita falls so falls Wichita Falls)
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To: SeekAndFind

I think such a law in New York would be fantastic for Texas. Texas would gain more Fortune 500 headquarters and finally pull ahead of New York.


23 posted on 05/26/2010 8:20:22 PM PDT by Paleo Conservative
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To: SeekAndFind
Dictionary definition:

New Yorker (Noo Yawkah): One too stupid to get out.

24 posted on 05/26/2010 8:45:12 PM PDT by Clint Williams (America -- a great idea, didn't last.)
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To: SeekAndFind
High income tax earners would pay more than 13-percent of their salary in local taxes...just as outrageous - was watching some of the New Jersey budget hearings last night, with a bunch of senators trying to figure out why Jersey wasn't picking up as much loot from their now lapsed "Millionaires Tax" last year as they thought they would - turns out most of those in the appropriate income bracket earn their livings in New York and pay income tax there - Jersey thought it should pick up the difference in what they earn after crediting them with the tax they pay to NY - but it turns out the top rate in NY is a flat tax rather than a marginal one, so taxpayers there pay the top rate (8.9% I think) from dollar one (and the rate is flat only for them, lower payers do pay marginal rates) - thus top earners were paying about $10k more per year than the Jersey pols thought they were explaining the shortfall in their projections - government greed stymied again, how delightful.....
25 posted on 05/26/2010 9:15:15 PM PDT by Intolerant in NJ
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To: SeekAndFind
an increased "millionaire's tax" aimed at 75-85 thousand New Yorkers making $1 million or more a year.

If you make >$1,000,000 per year and pay ANYTHING to New York, it is by choice.

26 posted on 05/26/2010 9:35:06 PM PDT by Onelifetogive (Flame away...)
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To: Signalman

Good on ya!

Wyoming
...no income tax and if you live close enough to
Montana
....no sales tax whatsover for shopping...such as it is, the shopping that is, except at Costco Billings....you should see the Wyoming trucks lined up there and that’s no joke at all.


27 posted on 05/27/2010 12:11:43 AM PDT by tinamina
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To: Signalman

Hey and where does our own Dick Cheney domocile and why?


28 posted on 05/27/2010 12:12:43 AM PDT by tinamina
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