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post #1 of 16 (permalink) Old 07-16-2009, 06:37 AM Thread Starter
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57 Percent Tax Looms for Biggest Earners in NYC

Congressional plans to fund a massive health-care overhaul could have a job-killing effect on New York, creating a tax rate of nearly 60 percent for the state's top earners and possibly pressuring small-business owners to shed workers.

New York's top income bracket could reach as high as 57 percent -- rates not seen in three decades -- to pay for the massive health coverage proposed by House Democrats this week.

The top rate in New York City, home to many of the state's wealthiest people, would be 58.68 percent, the Washington-based Tax Foundation said in a report yesterday.

That means New York's top earners, small-business owners and most dynamic entrepreneurs will be facing new fees and penalties.

The $544 billion tax hike would violate one of President Obama's ironclad campaign promises: No family will pay higher tax rates than they would have paid in the 1990s.
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post #2 of 16 (permalink) Old 07-16-2009, 06:38 AM Thread Starter
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Nothing quite like the federal government getting more from your paycheck than you do
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post #3 of 16 (permalink) Old 07-16-2009, 06:54 AM
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Ugh... >


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post #4 of 16 (permalink) Old 07-16-2009, 07:22 AM
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i work construction in the city for my father's company sometimes. getting paid $15/HR 50 hours a week i should have made big bucks. throw in taxes, gas, food, and parking down there, i made less than $4/HR. this is gonna kill businesses like my father's. nothing like working 60 hour weeks to give 31 of them to the government!



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post #5 of 16 (permalink) Old 07-16-2009, 07:25 AM Thread Starter
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I dont mind paying taxes.. I already pay 30% from my checks.. but this whole idea of taxing the wealthy EVEN MORE to pay for socialist programs is rediculous.
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post #6 of 16 (permalink) Old 07-16-2009, 07:29 AM
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exactly. my problem is how most people hear wealthy and they think of people who never work and are worth millions. But thats such a small percentage. Guys like my father work 60-70 hours a week to keep his business up and running, and would be classified as wealthy. it screws over the little guy who made something of himself.



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post #7 of 16 (permalink) Old 07-16-2009, 09:17 AM
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Here in MN the healthcare field just got hit with a 20% budget cut which took over 200million out of the hospitals pockets. In 2007 the hospital I work at gave out over 90million dollars in free medical now with people not being approved for healthcare more and more now my employer will end up paying more money than ever with less than ever. Thank you Tim Pawlenty and you giving all the money to k-12
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post #8 of 16 (permalink) Old 07-16-2009, 09:54 AM
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gee i live in a great city don't i -_-
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post #9 of 16 (permalink) Old 07-16-2009, 02:50 PM
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That tax is targets people like the Clintons and the Kennedys. Even small businesses would not be drastically effected. That tax is to make the uber rich taxes more equitable to everyone else as they have all sort of tax breaks and such
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post #10 of 16 (permalink) Old 07-16-2009, 03:36 PM Thread Starter
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Corporations are already double taxed. The majority of small businesses will fit into this category as well.

Keep in mind these tax increases are to fund the national health care system. On top of the increase in taxes, the businesses will be *required* to offer health care benefits to their employee's. If they don't, then they pay additional taxes.
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