Skip to comments.New York State Assembly Looks at Millionaire's Tax
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 ...
These people are insane.
This will cost them revenue, not generate any.
Those millionaires fleeing to PA (they can't flee to NJ, CT, or MA) will lower my taxes.
I Love New York!
Pretty soon, all the millionaires will be setting up shop in...oh, I don’t know,... Wyoming!
GO FOR IT!
Make it a 90% tax! Show us what REAL Socialism is all about.
(Happy I don’t live in New York)
Huh? What's that? They're ordering the moving vans now?
And you wonder why a lot of New York millionaires are packing their bags and moving to Florida.
Exactly. Just look to Rush for the example. Stupid is as stupid does!
Tax the rich. Just damn! What a plan, I wonder why nobody thought of it before now?
The current “millionaire’s tax” actually starts affecting people who have incomes over $200,000.
Most NY millionaires are Democrats anyway, so who cares. The conservatives got out a long time ago.
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.
How many more will follow him? Or just move to Jersey or Conn?
the average New Yorker earns $49,930 a year
This leads me to think the rich tax, should start at $50,000.
Won’t pass. Remember when Bloomberg said that like 50,000 NYC residents pay over half the city taxes?
Golisano and Limbaugh already left NY. Last millionaire out of ny please turn the lights off...
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????
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