Washington – 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.
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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, a Washington-based Tax Foundation said in a report.
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.
The legislation is especially onerous for business owners, in part because it penalizes employers with a payroll bigger than $400,000 some 8 percent of wages if they don’t offer health care.
But the cost of the buy-in to the program may be so prohibitive that it will dissuade owners from growing their businesses — a scary prospect in the midst of a recession.
Obama took to the airwaves yesterday with ads and TV interviews promoting the need to reform health care.
As a Senate health committee passed a different version of a health-care reform bill – a milestone for the issue – Obama said on NBC, “The American people have to realize that there’s no such thing as a free lunch.”
Given that so much of our taxes will be going to pay for welfare and health care for low income people, we can forego giving money to tzadakah since the government will be doing it for us. The only problem is that much of it is not deductible and there is no assurance the money will only go to ehrleche yiddin.
we are being ruled by a bunch of dumb drunks
Its time to realize if this ObamaCare comes through, we are ALL in trouble no matter how little money we make. Obama and his hentchmen claim its the rich but when the bar of richness is lowered as they pull in more money to pay for this extremly expensive program. They have no idea how much this will cost as costs will keep going up & up.
Obama also wants to stop all the deductions we are all used to. These deductions include charitable contributions as well as iterest paid on certain loans such as HOME LOANS.
STOP THIS WASTEFUL SPENDING NOW!!
It is so easy for rich people to move to a nearby state with half the taxes, that I’d be surprised if any stay. Whenever they did something stupid like this, revenue went down. But hey, we can’t expect them to think, they would have been working a regular job if they could
ANyone in NYS making more than 1 million loses all his itemized deductions except for half the charity. Basically, the rate jumps way over 10% with this loss. Add NYC at 4.5% roughly, and thats 15%. Fed rates under Obama promised to go to at least 42% plus 5% for Obamacare. That adds up to minimum 60%. Go to Florida and it drops back to 45%. Move to Lawrence and it drops to 55%. Move to NJ (10%) and its also 55%, same for CTAlaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income. TIme to move people. We need to spread Yiddishkeit anyway and also make ourselves less a concentrated target for A Bombs. Uforatzta!
All of the sudden Canada looks good.
Lests stop complaining, the way things are going is bec. for those people who voted for Obama here are the results, it was clearly that he was going to do all these things, and there will be more surprises G-D forgive.
This is serious stuff. Do we want to live in a country like they do in most of the EU where the govt decides for you what it can afford in your health care? The numbers they give you about the “uninsured” are very flawed. Of the 48 million one third are ILLEGAL ALIENS so they cant get health insurance (which doesnt stop them from getting free care at hospitals if they need it). One third may be able to afford it but they arent interested in spending the money on it and the last third truly cant afford it but they are too lazy (or are just not interested) to go on Medicaid. So even if the left’s numbers are correct do we really want to mess up healthcare in this country for such a small percentage of the population?
Is everything perfect the way it is now, perhaps not, but ObamaCare is CERTAINLY not the answer. There is no way the govt could keep costs down UNLESS they start rationing which WILL happen. In the Porkulus Bill there was a provision for another czar (that word should scare the dickens out of everyone yet Obama appointed many of them — ILLEGALLY I might add – for many different positions) in charge of overseeing stats when it comes to health and costs. So when they see that certain potential life saving drugs or surgeries give a small chance of survival but the “odds” arent high enough, they will deny the payment. THIS HAPPENS WHEREVER THERE IS SOCIALIZED MEDICINE. ObamaCare IS socialized medicine no matter how much sugar they want to put on it. If it walks like a duck and quacks like a duck it must be a ……. ??? A DUCK!!
They dont even know how much it will cost so its an open checkbook! Oh they are throwing out numbers in the TRILLIONS like its nothing but we are already in the hole for over A TRILLION DOLLARS and that’s just now. The CBO says it will go higher! BEFORE OBAMACARE! I urge you to think for a second what happens when the “rich” get taxed to pay for this disaster. The “rich” get poorer which in turn means the poor get richer. Once the poor get richer, they will then be taxed like the rich because the rich don’t have money. Rich people are not stupid so they will stop working hard so they wont fall under the Bamster’s title of “rich.” Less people making money means less jobs being offered which means more people out of work which means more people relying on govt handouts for money and we are then a people relying on the govt as opposed to what we were for most of the last 233 years which was by the people and of the people.
EVERYONE must let their House and Senate reps know that we will not support them any longer and their Congress careers are over. They messed us over with so much already and we cannot allow them to do it again. Ask your rep if they will give up their cushy healthcare plan for the one they are sticking on the people. I’ll bet they dont!
Does anyone have the tel. # for the Israeli Aliyah Center?
If we value human lives and we want to preserve life in general then we must make health care more accessible and reform our current system. It is fundamentally a question of what we value more people’s lives or money.
If there is a CPA or any knowledgeable person out there who can explain in simple language the breakdown of taxes? For example someone living in New York City would pay what percentage in City,State and federal taxes?
One of the things with the tac code is how difficult it is to understand.
Than you
How many people reading this blog and commenting make a million dollars a year or more? I’d venture to say none.
Many of you pay marginal to no taxes at all, and are the recipients of welfare programs.
Stop pretending to be Rush Limbaughesq country club blue bloods, worried about those tax increases on your $26 million dollar hedge fund income.
More phony outrage from even phonier people.