New York City Mayor Bloomberg recently revealed that tax revenue from just 40,000 high-income earners was largely responsible for keeping the entire city afloat. He worried that raising taxes even higher would be the last straw – and force many of them to flee the city.
But now, New York's unelected Governor, David Paterson, and Democrats in the state legislature, have decided that raising high-earners' taxes will plug New York's fiscal holes. The tax rate on New York achievers will jump to almost 8 percent for single earners making over $250,000 and for families earning over $300,000. Families who make over a half million willsee a tax increase of 31percentto over 9 percent. This is supposedly a "temporary" tax hike, but check the toll on your bridge that was supposed to expire 40 or 50 years ago and see how temporary works.
These tax increases hit the same people that Obama and his Democrats in Congress have already targeted, so it's a double whammy. And these increases will kill small businesses off by the score.
New York is a dark blue state. A lot of these tax-increase victims voted for Obama and their Democrat state oppressors; so why would I talk about their miseries?
I'll tell you why. These punitive taxincreases to fund an out-of-control welfare state debase the freedom from confiscatory taxes that our nation was founded on. They are liberty-crushing and they won't work! To those of you finally ready to flee New York to escape this madness, just know this: I beat you to it. I left in '97, try that.