NYC Raises Income Tax

If you live in NYC, you really should think about getting out. Your dear home town is doing something really dumb. What I’m talking about is stupidity that could only come from politicians.

New York City has long been the world’s financial capital, but don’t mention that to London, they think they still are–but the may soon re-take the title.

U.S. leaders are working hard to erase that label of world’s financial capital. In a desperate attempt to keep the bloated diseased hog of big government alive, the state is actually increasing income taxes.

The WSJ reports: “In New York, Assembly Speaker (and de facto Governor) Sheldon Silver and other Democrats will impose a two percentage point ‘millionaire tax’ on New Yorkers who earn more than $200,000 a year ($300,000 for couples). This will lift the top state tax rate to 8.97% and the New York City rate to 12.62%. Since capital gains and dividends are taxed as ordinary income, New York will impose the nation’s highest taxes on investment income — at a time when Wall Street is in jeopardy of losing its status as the world’s financial capital.”

As this piece details, New Yorkers are also set to pay higher government fees for cell phone usage, health care, electricity, and booze. What a great way to wreck a city that is already struggling.

There is a way to save New York. It’s a way to save the rest of the country as well: Immediately institute a flat national income tax of 20%. Eliminate the capital gains tax. Eliminate the dividend tax. Slash the corporate tax by 75%. You’d have the greatest economic boom in history. Try telling that to Obama and the shadow government who guides his every step.