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57% Tax Rate Looms For NY’s Top Earners
The health insurance bill proposed by House Democrats this week includes a hefty new tax on the “rich.” The problem for NY’s “rich” is that they already pay an obscene amount of taxes.
If the health care bill becomes law, NYC residents making $1 million or more per year will see a tax rate of 57%. That of course would be devastating to small business owners who’re already burdened by egregious taxes in NY.
Here in Texas, a $1 million dollars a year is a nice living. You can have a mansion, a couple of cars, and a boat with some doe left over. In NYC, a million bucks a year will keep you in the game, but not much else. Giving 57% of it away to the government is simply not sustainable.
Why would any business stay in New York when they have to fork over more than half their earnings to an out-of-control government? In short, they wouldn’t.
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