TERRIFYING 57% TAX LOOMS FOR BIGGEST EARNERS
By CHARLES HURT IN DC and DAVID SEIFMAN AND JENNIFER FERMINO IN NY, Post
Congressional plans to fund a massive health-care overhaul could have a job-killing effect on New York, creating a tax rate of nearly 60 percent for the state's top earners and possibly pressuring small-business owners to shed workers.
New York's top income bracket could reach as high as 57 percent -- rates not seen in three decades -- to pay for the massive health coverage proposed by House Democrats this week.
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The top rate in New York City, home to many of the state's wealthiest people, would be 58.68 percent, the Washington-based Tax Foundation said in a report yesterday.
That means New York's top earners, small-business owners and most dynamic entrepreneurs will be facing new fees and penalties.
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12 comments:
Hows that Obama thing working ?
I got laid off in September. Since I knew that no construction companies would be hiring for a year, I started my own construction business. Now I am faced with this crap not allowing me to slowly grow a company, but to start out with all the costs of the big boys on the first day. I can't afford this and can't bid a job with the costs being a moving target! Job costs will go up, and employee wages will go down. DUH! Kill this idea.
Yep, Obamanomics and CHANGE. The Democrats have screwed up America AGAIN!
"Change" is not always a good thing
Try watching a business go up in smoke after 16 years.
Share the wealth, rich folks. Share the wealth. Your greediness has finally come to an end.
The problem really isn't tax rates it's who actually pays their taxes. If the wealthy people( Dems and Reps) in this country just paid what they were asked to then we wouldn't be in this problem in the first place. An analyst on CNBC said raising taxes on the the extremely wealthy won't work because they don't pay what they are supposed to because they have accountants that find the loopholes and offshore accounts for them to hide their money. That's why Steve Forbes is correct. Throw out the tax code and go with a flat tax that you can't cheat on.
Let the Pharmecutical companies start sharing the wealth. Am I the only one that realizes on new medications there is like a 10 year moritorium where they have no competition and no generics can be introduced. Is this not a monopoly? Where is the competition? They charge what they want during this time of no competion. They should be footing the bill for Obamacare. How come no Politian has brought up this option? These companies get taxpayer dollars and the tax payer gets the shaft twice, by finacing these companies for developing there drugs then get the shaft by having to pay through the nose for these drugs since they are the only drugs available. Looks like the Liberals / Democrats are the ones getting paid off by the Pharmecutical companies.
The average citizen is tired of the unfair distribution of weatlh in this country. Who cares if these guys only buy 1 private jet a year instead of two. These greedy people are so out of touch with reality.
4:54 Much better than that Bush thing was working. How dumb do Republicans feel now. Sarah Palin. What a joke...
Pharmaceutical companies get the 10 year moratorium because they are strapped by the FDA (more gov't)to actually test the drugs before they go to market for 10 years or more while the drugs are being developed. YOu can complain all you want about rich people, but without them buying the drugs at the higher prices, paying the taxes that the IRS can't even figure out (BTW Congress creates the loopholes on behalf of special interest, not neccessarily all the rich people in the county) and keeping the economy going but without them directly or indirectly you wouldn't have a job.
I am definately not in the 'wealthy' category (quite the opposite). I wanted to make that known before I said, "AMEN" to Anonymous 9:02 PM.
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