“…Don’t tax me;
Tax that rich guy
Behind the tree.”
With (not too) many apologies to Russell Long.
New York’s Progressive-Democrats are on the move, again.
New York Governor Andrew Cuomo and state legislators are close to reaching a budget agreement that would raise taxes on residents earning over $1 million.
If approved by the Democratic governor and Democrat-controlled legislature, New York would become the state with the highest personal income tax rate in the country.
The budget measure also includes increasing the state’s corporate tax rates….
The proposed changes would increase tax rate from 8.82% to 9.65% for individuals making over $1 million or those joint-filing making more than $2 million.
Two new additional tax brackets would also be created –10.3% for those making $5 million to $25 million, and 10.9% for those making over $25 million.
New York City high-income earners could be paying the highest in the country in personal income taxes. By adding New York City’s additional top-earner tax rate, those making over $1 million could pay as high as a 14.8% tax rate, surpassing California’s 13.3% tax rate, the highest in the country.
The State’s Progressive-Democrats already tax the hell out of all the yous and mes in that State, also, though, so Long’s plea is being implemented much more broadly.
It’s important to recall, also, another of Long’s aphorisms:
I have become convinced you’re going to have to have capital if you’re going to have capitalism.
New York’s Progressive-Democrats are bent on denying precisely that to the State’s private economy. That says volumes about Party’s ultimate goal.