Posted on 10/04/2023 3:50:37 AM PDT by grundle
New York socialists calling for higher taxes aim to spread the tax net far beyond Wall Street, scooping up folks on Main Street—especially in the suburbs.
Bemoaning “violent budget cuts” at New York City agencies, Rep. Alexandria Ocasio-Cortez and her ideological allies are calling on the city and state to “fund resources for all New Yorkers” by raising taxes on the top 5% of New Yorkers. Considering the left’s prior focus on “the 1%,” this is a major development.
The top 1% of New Yorkers begins just south of $1 million in adjusted gross income. But the top 5% begins a little above $250,000—translating into married couples making $127,000 each.
More than 168,000 New York state and local government employees were paid more than $127,000 last year. Forty-five New York school districts paid most of their teachers and administrators at least that much, and about 70 police or fire departments had mean pay above that line.
The move from targeting the top 1% to the top 5% is a recognition that the socialist program, to borrow from Margaret Thatcher, risks running out of other people’s money.
(Excerpt) Read more at wsj.com ...
You know you’re “rich” when you can stop going by the name “Sandy” and you can quit your job as a waitress at the taco and tequila shack.
When you list your boyfriend as your spouse, so taxpayers will pay for his travel expenses... that’s rich.
“AOC Redefines the Term ‘Rich’”
AOC Redefines the Term ‘Bitch’
There, fixed it
The IRA passed last year included $45B ($450B over the next decade*) in tax increases but federal revenue fell 20% the first two quarters 2023. Taxes have consequences.
* https://www.whitehouse.gov/briefing-room/statements-releases/2023/08/16/fact-sheet-one-year-in-president-bidens-inflation-reduction-act-is-driving-historic-climate-action-and-investing-in-america-to-create-good-paying-jobs-and-reduce-costs/
They’re running out of money b/c so many of the “rich” that they’ve taxed to death have moved to Florida and other more tax-friendly states.
She won’t stop at 5%, as the money dwindles, that 5% will become 10% and then 20%.
Someone’s got to pay for the 100,000+ illegals - with more coming - food, housing, medical care, schooling, etc.
California too.
Income wise, the top 5% is roughly $330,000+ according to Investopdia.
When many of the now top 5% leave the state, the new top 5% will average far less income but will then be subject to the higher tax rate. Count on it.
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