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In addition tax code doesn't take into account cost of living. NYC income will be higher than other areas, but so is the expenses to live a normal standard of living. NY already has the highest tax burden in the country. There is city, state, federal, property, sales, and utility taxes that I am aware of. At some point if I breathe in NY I might get taxed on it.
when you consider my buddy's 40k pension from the sanitation dept is more then 1 million can generate today a million ain't much if you have to live on it.
in fact out of that 40k 1 million can generate a couple can expect about 10k after tax dollars just to go to health insurance costs .
Do you know the NYC Schools chancellor, Ms. Farina, gets a $260,000 pension? And she came back to work out of retirement and gets about a $250,000 salary (and still draws her pension). That's a good retirement plan.
The word "millionaires" probably isn't the most helpful descriptor. They propose increasing the tax rate on those making over $665k a year.
Anyone who is making $665,000 per year is going to be in the millionaire category in short order. If they're not paying taxes, or putting their money in savings, then they must be conspicuously spending. And that's OK when some people who work just as many hours a day can't afford food and others can't send their kids to college?
It never ceases to amaze me when people who are NOT top earners are so worried when the richest among us are asked to pay a fairer share of taxes. Do they actually think that they WILL be rich some day and want the system still to be game-able when they get there?
Do they belong to a Love Your Local Millionaire club? Did you feel sorry for Bernie Madoff watching him fleece the rich?
No one has ever been able to explain to me why so many voters in the last presidential election thought it was OK that Mitt Romney was paying a far smaller share of his income in taxes than his secretary was. AND probably hiding a lot of his income in overseas accounts.
Now here we are again. Millionaires willing to pay more and some poorer people saying, "Oh, why? We'll pick up the slack."
Anyone who is making $665,000 per year is going to be in the millionaire category in short order. If they're not paying taxes, or putting their money in savings, then they must be conspicuously spending. And that's OK when some people who work just as many hours a day can't afford food and others can't send their kids to college?
It never ceases to amaze me when people who are NOT top earners are so worried when the richest among us are asked to pay a fairer share of taxes. Do they actually think that they WILL be rich some day and want the system still to be game-able when they get there?
Do they belong to a Love Your Local Millionaire club? Did you feel sorry for Bernie Madoff watching him fleece the rich?
No one has ever been able to explain to me why so many voters in the last presidential election thought it was OK that Mitt Romney was paying a far smaller share of his income in taxes than his secretary was. AND probably hiding a lot of his income in overseas accounts.
Now here we are again. Millionaires willing to pay more and some poorer people saying, "Oh, why? We'll pick up the slack."
Because morality matters and being philosophically consistent is vital to living a proper life. And an honest and proper person realizes that stealing someone's property because you need it is wrong, and it doesn't matter who is doing the stealing or who they are stealing from.
And yes, it is perfectly OK and morally correct and absolutely just and fine that one person has a lot of money and can fritter it away in Nordstroms while someone else is stepping up today to Minute Rice from the normal Ramen Noodles.
Your income and your life are your business and your business alone. It is monstrous to think that we are all equal and should all be stuck with the same income because some envious mediocrity wants it that way and has joined a mob to make it happen with the use of violence (police power of the state). MONSTROUS.
Judging from the names on the list, it's those with tens or hundreds of millions figuring a way to use taxes to keep the mere millionaires below them down. New York State's problems, like those of most state governments, are too much spending in the wrong places, not too little revenue. Give them more revenue and they'll just spend even more in the wrong places and demand more.
But annual income does not translate necessarily into assets.....thank goodness.
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