Even with the huge bailout from the federal government, New York is looking to lay $7 billion in new taxes on the wealthy that will immediately be passed on to the middle class. They plan to steal money from businesses and the rich.
If they haven’t begun looking for new businesses and residences in a friendlier state, they need to start.
New York is getting $100 billion from the federal taxpayer, $12.6 billion of which goes directly to state government coffers.
The New York budget for this next fiscal year is $208.3 billion. They not only won’t cut anything, but they are also increasing spending by 22.6 percent or 16.9 billion.
One of the things New York pays for is housing for those not covered by the feds, in other words, mostly illegal aliens.
They will tax millionaires more, raising the rate from 8.82 percent to 11.85 percent. They already pay exorbitant state and local real estate taxes while often not using many of the services.
The lawmakers stupidly think it will raise $4.3 billion in revenue to pay for their profligate ways. It will until the rich flee.
Some of the changes:
There will be a new capital-gains tax of 1 percent on those earning more than a million.
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The state is adding a new progressive tax on second homes.
An estate tax will go from 16 percent to 20 percent.
There will be a surcharge of 18 percent on franchises, utilities, and insurance companies. That will raise rates for all of us.
In fact, the rich will pass all of this down to the middle class.
They are adding a recording tax on “mezzanine debt and preferred equity investments.”
The combined state and city tax will be 15.75 percent, the highest in the nation.
All of this is despite Chuck Schumer claiming the debt will be wiped out in New York.
The rates were slightly higher in the 1970s but they could deduct state and local taxes then. Also, during the 1970s, people fled and New York lost half its wealth.
A lot of people will prepare to leave just on the threat of this.
THE SOCIALISTS/COMMUNISTS LOVE IT
The hard-left in New York, who call themselves liberals, are thrilled.
“We are heartened that the State legislature is beginning to take steps towards progressive, sustainable revenue streams — a sign of the tireless organizing and advocacy from thousands of grassroots New Yorkers,’’ said the Democratic Socialists of America, the party behind Bronx Congresswoman Alexandria Ocasio-Cortez, in a statement. AOC is the thought leader of the Democrat [socialist] Party.
The Working Families Party added in its own statement, “The proposed budgets use a three-pronged approach of simultaneously raising income, corporate, and wealth taxes on the richest New Yorkers.
“Thank you for following the leadership of grassroots organizations across the state.”
These people are communists. The Democratic Socialists are to the Left of the CPUSA and Working Families has long been known to be communistic.
New York is the AOC state now.
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