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 they can not refute facts, the last resort of the secular-progressive-liberal Left is the Ad Hominem attack.
It doesn't exactly surprise mt that the paper that endorsed Paladino and called those protesting the Iraq War to be tried for treason to be against cutting taxes on the middle class in order to protect the wealthy.
And can that person make the same amount of $$$ in Colorado or the Dakotas as they do in NY??
Chances are they move elsewhere and it will cost them much more than the extra 2% on the portions of their income in excess of $2 million.
Yes they can. We live in a very globalized time, that's why companies will go offshore to incorporate and will outsource. I could live in Boise Idaho and play the stock market as well as if I was in NYC.
Quote:
Originally Posted by Yzette
Yeah, right. Because that drop in their bucket is going to be worth it to them to pack up their homes, take their kids out of school, and give up the cachet of living in the city, Westchester, and the Hamptons. Sure.
Worst that will happen is they'll pizz and moan. Wah, wah, wah. Then they'll call their tax attorneys and ask what the loopholes are and how they can shelter their little drops.
Something tells me the only people who are truly going to feel discomfort from this are the accountants who will have to learn the new code. Cry me a river!
Its already happening. Check out the stats:
The Partnership says New York lost a net 1.7 million residents from 1999 through 2008, and the average net worth of people who left was $338,000, citing stats from the Center on Wealth and Philanthropy. (Note, this is before the “Millionaire’s Tax” was imposed).
The report says that from 2007 to 2009, when the Millionaire’s tax was imposed, New York saw a 9.4% decline in state taxpayers who earn $1 million or more. Citing stats from Phoenix Marketing, the Partnership says the number of $1 million earners fell to 345,892 in 2009 from 381,786 in 2007.
Quote:
Originally Posted by sabbat hunter
Progressive tax brackets are helping with equality.
Regressive taxes like sales taxes are the worst
No, progressive and regressive taxes have nothing to do with equality and have everything to do with a certain mindsets morality. Equality means treating everyone equal, not putting caps on some people and giving a free ride to others. Flat tax and be done with it, time to be done with an archaic system which is failing us.
According to The New York Sun, "(Why is it good news when a politician) who promised not to raise taxes and then failed to have the grit to made good on his promise?"
I think it dawned on him that the only productive way to close the budget gap and provide relief for NY residents is to get it from those that have it.
Quote:
Originally Posted by SilverBulletZ06
Its already happening. Check out the stats:
The Partnership says New York lost a net 1.7 million residents from 1999 through 2008, and the average net worth of people who left was $338,000, citing stats from the Center on Wealth and Philanthropy. (Note, this is before the “Millionaire’s Tax” was imposed).
The report says that from 2007 to 2009, when the Millionaire’s tax was imposed, New York saw a 9.4% decline in state taxpayers who earn $1 million or more. Citing stats from Phoenix Marketing, the Partnership says the number of $1 million earners fell to 345,892 in 2009 from 381,786 in 2007.
$338,000 net worth doesn't exactly sound like millionaires leaving the state. I think you will find most of those people are middle class families and the like that left. The drop in $1M earners by 10% was more a function of the great recession and 50% drop in the stock market the previous year, than the original $M surcharge. Go check out the numbers today, they are probably back up to 2007 levels.
Quote:
Originally Posted by SilverBulletZ06
No, progressive and regressive taxes have nothing to do with equality and have everything to do with a certain mindsets morality. Equality means treating everyone equal, not putting caps on some people and giving a free ride to others. Flat tax and be done with it, time to be done with an archaic system which is failing us.
If we did a flat tax, the disparity in income would grow even larger than it is now. You would have a very small group of extremely wealthy billionaires and a giant mass of poor people. That's more of a risk to capitalism coming to an end than any of these progressive policies are. Post-WWII, the top 1% earned about 10% of all income in the US. Fast forward to today and that same income bracket takes in over 30% of all income. (12% to 40% in NYC).
Let me ask you a question since we're talking about archaic systems failing us: What do you think about very high earners only paying 15% federal income taxes on income derived from playing the stock market? Someone could be making $100 Million a year and be paying the same rate as his/her waiter. How is that equitable? While your average $100k earner is paying almost twice that rate.
Quote:
Originally Posted by SilverBulletZ06
Yes they can. We live in a very globalized time, that's why companies will go offshore to incorporate and will outsource. I could live in Boise Idaho and play the stock market as well as if I was in NYC.
While it's the financial and hedge fund capital of the world, not every company in NY simply plays the stock market.
AA Alcoa
AXP American Express
AIG American International Group
ARW Arrow Electronics
AIZ Assurant
AVP Avon Products
BK Bank of New York Mellon Corp.
BKS Barnes & Noble
BLK BlackRock
BMY Bristol-Myers Squibb
CA Computer Associates Intl.
CVC Cablevision Systems
CBS CBS
C Citigroup
CL Colgate-Palmolive
ED Consolidated Edison
GLW Corning
DOV Dover
EK Eastman Kodak
EL Estee Lauder
Z Foot Locker
GS Goldman Sachs Group
Guardian Life Ins. Co. of America
HSIC Henry Schein
HES Hess
IEP Icahn Enterprises
IBM Intl. Business Machines
IPG Interpublic Group
ITT ITT
JPM J.P.Morgan Chase
JAH Jarden
LLL L-3 Communications
LTR Loews
MMC Marsh & McLennan
MA MasterCard
MHP McGraw-Hill
MET MetLife
MS Morgan Stanley
New York Life Insurance
NWS News Corp.
NYX NYSE Euronext
OMC Omnicom Group
PBG Pepsi Bottling
PEP Pepsico
PFE Pfizer
PM Philip Morris International
RL Polo Ralph Lauren
HOT Starwood Hotels & Resorts
TIAA-CREF Not Available
TWX Time Warner
TWC Time Warner Cable
TRV Travelers Cos.
UAM Universal American
VZ Verizon Communications
VIAB Viacom
VMED Virgin Media
The Partnership says New York lost a net 1.7 million residents from 1999 through 2008, and the average net worth of people who left was $338,000, citing stats from the Center on Wealth and Philanthropy. (Note, this is before the “Millionaire’s Tax” was imposed).
The report says that from 2007 to 2009, when the Millionaire’s tax was imposed, New York saw a 9.4% decline in state taxpayers who earn $1 million or more. Citing stats from Phoenix Marketing, the Partnership says the number of $1 million earners fell to 345,892 in 2009 from 381,786 in 2007.
No, progressive and regressive taxes have nothing to do with equality and have everything to do with a certain mindsets morality. Equality means treating everyone equal, not putting caps on some people and giving a free ride to others. Flat tax and be done with it, time to be done with an archaic system which is failing us.
First, net worth includes all assets minus liability. $338,000 including, say, money from the sale of a house means the people who left were middle class at best. Don't forget, you have to include their retirement accounts, cars, and other assets in all of that. They weren't wealthy by a long shot.
Second, as Pequa says, figures from 2007-2009 will be skewed by the recession.
Third, unless you, yourself, are making a wad of cash, a flat tax is going to slaughter you. Someone who makes $50K, even $100K a year is going to feel that X% more than someone who makes $5 million a year--especially on Long Island.
I always find it interesting when people who are solidly middle class buy into the drek the uber-wealthy feed them about taxes. The system is rigged to benefit people with names like Rockefeller and Rothschild. Don't ever kid yourself otherwise.
Third, unless you, yourself, are making a wad of cash, a flat tax is going to slaughter you. Someone who makes $50K, even $100K a year is going to feel that X% more than someone who makes $5 million a year--especially on Long Island.
That's a good thing, because then people will be more invested in how much they are taxed and for what are they being taxed.
Im sure earning your vote is foremost on his mind.
Keep taxing the rich and he can kiss my baby anytime.
So when are you moving to escape these oppressive new tax rates? Better hurry - there's not going to be any rich people left to buy Versailles-in-Massapequa for much longer.
Yes, the real purpose of gov't, as seen from the secular-progressive-liberal Left perspective, is to punish success and to subsidize mediocrity.
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.
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.
