Cuomo Would Halve New York’s Deficit With Tax Boost Planned for Wealthy (mortgage, income)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
When you have that kind of money, you are not going to drastically alter your lifestyle because of a minor tax increase.
Everyone making between $40,000 and $300,000 in the state is going to be benefiting from $400 in tax cuts.
re-doing the tax code to eliminate loopholes and increase the taxes on those making $300,000 or more by 1-3%, along with a big reduction in spending is the way to get out of these budget messes.
re-doing the tax code to eliminate loopholes and increase the taxes on those making $300,000 or more by 1-3%, along with a big reduction in spending is the way to get out of these budget messes.
Carried interest is the amount of a hedge fund manager's income that stems from his or her performance. While the rest of hedge fund managers' earnings are taxed at standard U.S. tax code rates -- 35 percent or lower, depending on income -- the performance portion of a hedge fund manager's income is taxed at the capital gains tax rate -- only 15 percent, according to International Business Times.
Carried interest is the amount of a hedge fund manager's income that stems from his or her performance. While the rest of hedge fund managers' earnings are taxed at standard U.S. tax code rates -- 35 percent or lower, depending on income -- the performance portion of a hedge fund manager's income is taxed at the capital gains tax rate -- only 15 percent, according to International Business Times.
the thing you mentioned seems related to the one thing i would agree on as a "loophole" primarily enjoyed by the rich. i would change the capital gains rate to equal income, but you specified only hedge fund managers which i think is quite funny. one other thing that makes the target of the hedge fund manager funny is that in reading i see that in most instances their carried interest would be taxed as a short term capital gain which would be the same as their income tax rate, so no benefit for them. i would also not allow government entities to offer tax free debt. that would hurt their ability to raise money, but its something the wealthy take advantage of to reduce their tax liability.
otherwise, if you want to start cutting loopholes that actually would raise any real money, you would need to cut things that dont primarily benefit the wealthy (mortgage interest deduction, child exemptions, etc.)
The Holland tunnel is packed now. I guess the multi millionaires and billionaires are fleeing. Bloomberg was out today complaining. I guess he doesn't want to shed anymore of the billions he has in the interest of balancing the budget and giving middleclass a small reduction. Gotta love the so called "job creators" we hear about daily.
Small Businesses are the future , I know a few friends that are nearing there 3rd location already after a year or two in business due to demand and new ideas. There businesses employee between 5-15 people per location , that adds up as they expand and there paided slightly above Minimal wage so its more $$$ into the Middle Class workforce and a better community. Now these Muti-Millions can't seem to do that...yet it would be easier for them.
"That said, the governor has yet to get specific about any numbers. So it’s impossible to pass judgment on the wisdom of a plan that could have great appeal for both fairness and fiscal stability."
Clearly your thread title is dishonest. Of course any imagined increase in revenue a millionaires tax may provide assumes people wouldn't leave the state because of being unfairly targeted.
I'm nowhere near convinced that if NJ's political class became awash with even more money than they get now that they would redistribute it wisely and ethically.
I wouldn't bet money that they would all of a sudden get a spurt of fiduciary responsibility if we gave them more to play with.
the subject of the thread is that the deficit will be cut in half, will giving the government more money really reduce the deficit?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.