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.
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Under Eisenhower, taxes were 90%. 57% sounds lower than 90%. Taxes on Banks and Wall Street traders sound entirely fair to me. If they choose to leave New York, so much the better. Brings up a good question: could Wall Street trading and the Banks work if all lived in India?
ReplyDeletebusinesses will thrive with single payer since small businesses can compete for employees again since the big corps won't be the only ones who can afford health care. this is a great way to sitmulate real investment in the community.
ReplyDeleteUnfortunately big business runs everything. All of a sudden you expect small business to take up the slack? Are you all dreaming? They employ everyone. No big business, no jobs, no taxes..no economy
ReplyDeleteMicheal Jackson is the economy.
ReplyDeleteWe can resuscitate him!
He's not entirely dead yet!
We can inject him with drugs and perform CPR!
Micheal Jackson WILL LIVE!
Yeahp.
The first commenter is deluded (so is the 2nd, but that's another matter).
ReplyDeleteLook not everyone who makes over a million is a wall st. trader or banker. This WILL harm job growth. I'm not saying the bankers and trader's who screwed us need not suffer, but it has to be done within the scope of the law, and not punititive taxation handed down arbitrarily -- which is unconstitutional by the way.
This is going to be a disaster. The health care system does not need to be reformed. Healthcare itself in this country is great and second to none. What needs to be reformed is the way it's priced and billed, and the insurancde companies need to be more strongly regulated. The single payer system devised by the Obama admin does not do this. It just creates higher taxes, bad healthcare, rationing, more bureacracy (and then more taxes to support that), and more government meddling and nannying.
Anon #5..You my friend are delusional if you think for one minute your health care system doesn't need to be reformed and is the best in the world. Why don't you have a look at this link http://www.usdebtclock.org/ and tell me how your country plans to pay for their unfunded liabilities? Your bloated system is bankrupting your country and you are just refusing to pay the piper and pushing the liabilities to future generations. That's not to say I believe the Obama plan or any politician can address these issues because they are are part of the problem as well. The interests of BIG business DO run your country NOT the well being of it's citizens. Get your head out of the sand.
ReplyDeleteHow about reform of the legal system so parasitic lawyers can't sue doctors? This is the way to bring costs down. Obama care will ruin the quality of health care by removing any way to make a decent living as well as having the nanny state communists into every aspect of your life. Just exactly who is going to pay $250k, give up 12 years of their life to get out of school to make $60k a year and be sued constantly? Dr. Patel will see you now...
ReplyDeleteQuote:"Terrifying 57% Tax Hike Looming"
ReplyDelete57% tax on the top bracket is NOT a 57% hike!
Moreso, very few people other than lottey winners ever pay reach this bracket. Tax writeoffs and shelters abound. David Rockefeller once bragged that he NEVER paid income tax.
Better to tax the people who can afford to pay, than the poor who can't.
Poster above: Ridiculous post. The major companies of NY are companies that make millions of dollars. Therefore they are on the hook for the 57% tax hike, nobody cares about the millionaire who made money on the stock market or got out in the Real Estate boom. Instead of hiring more people to make more money they lay off. Tax credits will disappear, shelters, gone. You have employers paying the new Obama health tax, new green tax, higher business and property tax, what's left? Oh, Yes the new 57% hike tax...OBAMA does not like big business..
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