Now it can be told: The Greenwich Association of Realtors sponsored this initiative
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NY Legislators prepare a $7 billion tax wallop to their rich
New York Post:
“New York wants to sock it to Wall Street and the wealthy.
Both houses of the state legislature have proposed budgets that include nearly $7 billion in new and increased taxes on businesses and the rich.
The tax raises come despite a $100 billion avalanche of fresh federal aid to New York, including $12.6 billion directly to state government coffers.
Assembly leaders crowed in a press release Sunday that state lawmakers are proposing a $208.3 billion budget for the next fiscal year.
Their plan includes a 22.6 percent increase in spending — or $16.9 billion — over last year. That’s more than 10.5 percent higher than what Gov. Andrew Cuomo is proposing.
To help cover the new proposed expenses such as rent for “New Yorkers who do not have access to unemployment, federal stimulus funds and other assistance programs’’ — including illegal immigrants — the pols said they want to raise the nearly $7 billion in new revenue through the taxes.
The proposed new levies include:
A graduated tax hike on millionaires. The current income-tax rate for single filers making more than $1 million and couples earning more than $2 million is 8.82 percent. That rate would rise to 11.85 percent
There also would be two new brackets added: one for taxpayers earning between $5 million and $25 million and another for those making more than $25 million. The former would be taxed at a 10.85 percent rate, while the later would be slammed with 11.85 percent.
The moves would generate an estimated $4.3 billion, the lawmakers said.
A new capital-gains tax of 1 percent on those earning more than $1 million a year, boosting state coffers by about $700 million.
A new progressive state tax on those with pied-a-terres, mansion town homes — or anything in between — used as a second home in New York City. The new levy would raise a projected $300 million for the state.
An estate-tax boost from 16 percent to 20 percent, raking in another $130 million.
A new 18 percent “surcharge” on corporate franchises, utilities and insurance companies — which could mean higher bills customers. That tax would generate $1 billion, the lawmakers said.
The reinstatement of a minimum business tax on corporate capital, earning another $150 million for the state.
A recording tax on “mezzanine debt and preferred equity investments,’’ which would add another $171 million to state coffers.”
“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.
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.”
At the end of the day, all these projections of new stolen cash won’t materialize, because the golden geese won’t stick around to be plucked. Which should be obvious to these looters, but there’s no one dumber than the criminal class.
