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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.
This Week’s Tax Cheat — Tom Daschle
This really is turning into an SNL skit. Can’t Obama find a Democrat who pays taxes? Last week it was Tim Geithner and this week it’s Tom Daschle. Last week’s excuse was that the financial crisis is too important to allow Geithner’s nomination to be held up by tax “mistakes”. Fine, we’ll just call that one a freebie. It was only $40,000 or so.
Now this week we have Tom Daschle on Capital Hill apologizing for his tax “mistakes” — to the tune of $120,000 and a year’s worth of free limo rides. I finally understand why democrats are so quick to raise taxes — because they don’t bother paying them anyway.
I love how cool the democrats are being over all this. With each new tax cheat that’s nominated we keep hearing things like “nobody’s perfect” and “everybody makes mistakes.” I suspect the reaction would be quite different if McCain had the won the election and made similar nominations. I can imagine Harry Reid or John Kerry thundering away at the podium declaring ” no one is above the law!!” But what all this proves (in case you didn’t already know) is that so-called “rule of law” only mattered when Bush was president.
This must be the “change” everybody keeps talking about.
Obama’s Treasury Secretary Didn’t Pay His Taxes
If everyone has to “have some skin in the game” as Obama likes to say, it would be nice to know that the treasury secretary was included in that. According to the AP, Timothy Geithner, Obama’s pick for treasury secretary failed to pay $34,000 in taxes between 2001-2004.
Democrats Propose Tax Surcharge On Millionaires
In an attempt to bring America one step closer to socialism, Democrats have proposed a surcharge on millionaires to pay for education benefits included in the new G.I. Bill.
“What we’re talking about is a one-half percent income tax surcharge on incomes above $1 million,” said Rep. Mike Ross, D-Ark., a leader of the Blue Dog group. “So someone who earns $2 million a year would pay $5,000. … They’re not going to miss it.”
The $1 million income level would apply to couples. Individuals would pay the surcharge on income exceeding $500,000.
The idea earned support from House leaders at a late afternoon meeting of top Democrats, including Speaker Nancy Pelosi of California.
Democrats love the idea of income redistribution and always have, this is just another ploy to get us closer to that. In America, you should not be penalized just because your successful. I agree the surcharge doesn’t amount to a lot, but that’s not the point. This is about Democrats acting like Robin Hood which is not the way the game is played in America.
Don’t get me wrong, I’m not opposed to funding the new G.I. Bill, I’m just opposed to funding it in this way. Conservative “Blue Dog” Democrats are willing to accept the $183 billion dollar war funding package, but object to the tiny sliver that would be added on top of that to pay for the education benefits of soldiers.
It doesn’t make any sense to fund it some other way. If we’re already gonna spend $183 billion dollars that we don’t have, then what’s a few more billion on top of that?
I am absolutely in favor of spending the money in Iraq, but it’s important that we take care of the people doing the fighting on our behalf. I don’t think we can fund the war and not fund the warriors, but I don’t think we fund the warriors by giving rich people an extra tax.
-Chris Jones
Bush/Cheney Tax Returns Released
President Bush:
Adj. Gross Income = $923,807.00
Taxes Paid = $221,635.00
Vice President Cheney:
Adj Gross Income = $3.04 Million
Taxes Paid = $602,651.00
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