Uh oh! Punishing the Job Creators! From Raw Story:
After facing repeated protests over his resistance to raising taxes on wealthy New Yorkers, Gov. Andrew M. Cuomo relented on Tuesday, striking a deal with legislators that will boost state revenues by $1.9 billion while simultaneously dropping the middle class tax rate to the lowest it has been in 58 years.
Members of “Occupy Wall Street” have for months been pressuring elected officials to raise taxes on wealthy Americans and lighten the burden on the poor and middle class. This very issue is what activist and author Naomi Wolf was arrested over in October, outside a Huffington Post event where Cuomo was being honored for his support of marriage equality.
At the time, he was opposed to renewing or replacing the state’s “millionaire’s tax,” which expires at the end of the year. But instead of doubling back on the “millionaire’s tax,” Cuomo’s deal will create a series of new tax brackets, according to The New York Times.
New York citizens earning $20,000 per year or more are currently taxed at a rate of 6.85 percent, as are married couples earning more than $40,000 per year. The new tax brackets would drop tax rates for the lowest incomes to 6.45 percent, while increasing the rates for higher earners. Couples with incomes between $150,000 and $300,000 will pay 6.65 percent; households that earn $300,000 to $2 million will pay 6.85 percent; and incomes over $2 million will be taxed at 8.82 percent, the Times noted.
Don’t these Lefties remember that when the well-known Commie Peacenik President Eisenhower had a 92% marginal tax rate (50% total effective rate) on the wealthiest Americans, the economy crashed and burned (other than having more than twice the GDP growth rate we have today, and the economy being better in almost every other way)?
The success of the Bush tax cuts on the Job Creators speaks for itself. Folks need to learn more history.
I do.
We’d need to amend the state constitution to do it. Not an insurmountable task, but a difficult and time-consuming one.