New York To Also Tax Millionaires Too?
Well, on the heals of Maryland’s tax on millionaires, New York City is also planning to sock it to the “rich”.
ALBANY (CBS) ― Mayor Michael Bloomberg’s congestion pricing plan may be dead, but Assembly Democrats do have a plan to raise money for mass transit: tax the rich.
It’s what Albany calls a “millionaire’s tax.”
Yes, billionaires like Bloomberg will ante up, too.
Under the plan, people who earn over $1 million in New York state will pay an income tax surcharge of about 3/4 of 1 percent for five years. In all, it would raise over $5 billion for mass transit.
So the people using mass transit aren’t paying enough to support the services they use so you tax the people who don’t use mass transit to cover the short fall? What is next? A tax on people who don’t buy yachts to cover the high cost paid by people that buy yachts?
Oh no. Perish the thought! That would mean taxing the poor to subsidize the rich! But it is ok to tax the rich to subsidize the poor or the poorer than the rich?
Only in a liberal “utopia”!
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