Dems To NY High Earners: 61.2% Income Tax Is Their Fair Share

Tax slavery is evidently the policy of the American Left.

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I am glad I moved to Florida!

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The only reason to support this is envy.

Reprehensible shit.

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I was out the other night and it just so happened that the owner of one of my favorite French bistros and wine bars moved o St Augustine and opened a restaurant with the wine list from the wine bar and menu from the French restaurant.

He is killing it and loving life.

Lots of good people moving south from NYC.

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I am glad you moved to Florida too. ;-0 lol

61.2% income tax is their fair share… right now. You know if they get this pushed through, they’ll eventually raise taxes on the middle class, and then come back around to raise taxes on the rich again in the future

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61.2% tax bracket for an individual high earner?

im sure all the former NYCers that moved to wayyyyyyy better places are dying to return to NYC so they can disproportionately fund the anti-cop, anti-white, anti-rich, anti successful Progressive city!

“come on fleeing NYCers… we need you to come back to NYC and pay for all our shit!”

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From…Taxation without representation.

To taxation with crooked representation.

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I found this which is different

  • Wealthy families could face combined tax rates of as much as 61% on inherited wealth under President Joe Biden’s tax plan, according to a recent analysis.

As part of his American Families Plan, Biden is proposing to nearly double the top tax rate on capital gains and eliminate a tax benefit on appreciated assets known as the “step-up in basis.” Combining the estate tax, the new higher capital gains rate and the repeal of step-up in basis could bring total effective marginal rates as high as 61%, according to an analysis from the Tax Foundation.

Horrible. Absolutely horrible.

That’s theft, nothing more.

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Tax the church’s then

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There’s something wrong when the government makes more from your work than you do.

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They will just keep pushing people out of the state and will be left with no one to pay for all their lib handouts. F NY.

What I posted is not specific to NY and was being considered 4 months ago. I’m not sure what OP is referring to wrt NY.

the combined city, state, and federal marginal rate (rate paid on last dollar made) for the highest earners.

this is really more of a NY issue, not a fed tax issue. this part of biden’s tax proposal only moves the highest rate back to 39.6%, where it was under trump before his tax cuts and obama’s last term, bush before his tax cuts and all of clinton’s term.

this is far from the highest it’s ever been. under reagan it was 50% and it was 70% throughout the 60s and 70s. prior to that, the highest marginal tax rate in this country was over 90%.

still too high IMO, but as i said, it’s a NY issue really. biden’s other tax proposals are what’s been outrageous.

When the rates were running 70% plus there were loopholes wider than the Lincoln tunnel. Although the rates existed, no one paid them. That was part of Reagan’s tax reform.

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Perhaps the one and only thing I can agree with Sean O’Malley on – fuck working in new york

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true. but the 50s and 60s, when marginal rates were 70 -90% also had the highest nominal tax rates as well.

So 21.6% city and state tax?