This is a killer -- New York is finished. This is the final nail in the coffin. Gotta move. The Muslims didn't wipe this city out on 911 -- the liberals did. Islam didn't kill this city, the liberals did. They are going after the engine, the motor of New York, Wall Street.
Average Family Of 4 May Be Shelling Out $5,000 Additional
If you live in New York, please get out the vote in the special election for Tedesco today, if only to send the leftopaths a message.
Rush broke it down here. Rush said: "Speaking of New York, I tell you, Governor Paterson, you need to come up with a new slogan for New York: 'New York: It's Never Enough.' New York takes in billions with its lottery, billions more with the tobacco settlement of years ago, billions and billions more with their share of the Porkulus bill. And it's still not enough. And that's the liberal capital of the world."
RUSH: Now, let's see. In New York, they've been going back and forth at the state level on budgets. They are over-budget. They have a deficit in the double-digit billions, and they've been going back and forth in the State Assembly in New York over whether to raise taxes. They finally decided to do it over the weekend. "Personal income taxes for the upper-middle class and the rich are about to skyrocket under a secret deal reached last night by Governor Paterson and the leaders of the legislature. It's a two-tier tax plan." You heard about this, Snerdley? "It's a two-tier tax plan. They say it's going to bring in $4 billion annually..." I'll bet you that it does not come close to bringing in $4 billion annually. How's it going to do this? "...in part by raising income taxes 31% for all New Yorkers making more than $500,000 a year.
Now, remember Mayor Bloomberg, who opposed this at one point -- I don't know where he stands on it now, but Mayor Bloomberg way back -- said (summarized), "Look, we got eight million people that live here, there are 40 or 50,000 taxpayers -- families, what have you -- that pay so much in tax that they essentially support the city -- and if they start to leave, we've got a big problem." He said, "Even if 5,000 of them leave, we've got a huge problem. We just can't run out there and keep raising taxes on the rich." The governor, Mr. Paterson, didn't hear him. "It's not just people earning over $500,000 a year that are going to get hit. A lower-tier tax increase would increase taxes by 14-1/2 percent for single people between 250 and $500,000 a year, and for married and joint filers earning 300,000 to 500,000. Taxpayers now hit the current top rate of 6.85% when their incomes reach $65,000. The Paterson plan would tax top-tier earners at 8.97%, the second-tier earners at 7.85%.
"This is just one of the elements of a $121 billion spending deal that the governor and legislative leaders forged in secret in a race to make the April 1st budget deadline. A lot of other taxes and fees, including expanding the deposit law to include plastic water bottles." The tax on tobacco is skyrocketing. Now it will be up over a dollar a pack. That happens also in April. But I want you to see if you can follow something here. They're going to raise taxes on all these people -- dramatically, 31% in New York State -- who earn over $500,000 a year. At the same time, the Obama administration is moving directly against one of the industries that pays people that much to limit their bonuses, to limit their salaries, to limit how much they can be paid, and to limit how they can run their businesses. So if the Obama administration succeeds in reducing salary -- they want a $1 million cap on these people, a salary cap.
I'm telling you, these people have been paying a lot of tax freight. There is no way Governor Paterson's going to raise $4 billion a year on this. Because, folks, it's axiomatic: when you raise taxes on an activity, you reduce that activity. People start doing that activity less. In this case: working. When you reduce taxes on an activity, then that activity increases. When you reduce taxes on income, people start working harder to earn more. Governor Paterson needs to cut taxes on people. He needs to spur investment. He needs to get people going and working. It's just the exact opposite. Governor Paterson is like most other liberal Democrats: zero-sum game. The economy is a pie. It never grows. Somebody gets their slice; somebody gets their slice.
If somebody's slice is bigger than somebody else's it means that somebody else is being cheated. So we gotta even this out. Obama looks at it the same way. So massive tax increases in New York -- and, of course, in New York City. And over all spending in New York will go up over 9%, almost 9%, overly spending will go up almost 9% while tax increases go up like 31% to a little over 8% in New York for the "super rich." (interruption) I don't know what the breaking point in New York is, Mr. Snerdley when people leave. (snorts) I'm leaving. I'm leaving. I am seriously... See, ladies and gentlemen, I would love to tell this story. I don't think I should. I don't think I should get personal, but I would love to tell my tax audit story of New York State and New York City since 1997. It happens every year, but that's not the point. I have to prove 14 different ways where I am every day of the year. I have to prove 14 different ways, 'cause I pay New York state and city tax on a per diem.
When I am there working I pay whatever, you know, my rate is based on income for that day in New York. And I try to go as little as possible. If it weren't for hurricanes down here, I would never go up there. New York is the escape valve in case hurricanes are showing up in our area, because of the loss of electricity. So I'll tell you what I'm going to do. I'm going to look for an alternative studio somewhere outside New York, perhaps Texas -- another no-income-tax state -- and I'm going to get the hell over there, when a hurricane starts coming our way, 'cause I told Mayor Bloomberg: I'll be the first to lead the way. You know, this is just... I'll sell my apartment. I'll sell my condominium. I'm going to get out of there totally, 'cause this is just absurd, and it's ridiculous -- and it isn't going to work. It's punishing the achievers for the mistakes and the lack of discipline on the part of a bunch of corrupt politicians that have run that city and state into the ground for I don't know how many years -- and I, for one, am not going to take the blame for it.
There's more.
ATLAS FLASHBACK:
Back on September 5, 2005. This is before rob 'em blind Paterson.
A big chunk of what has passed for private-sector job growth in New York has also occurred in industries that are nominally private but are actually supported by tax revenues and therefore don’t create wealth but at best merely redistribute it. These industries—health care and social services—have accounted for nearly half the city’s job growth in the past 12 months and now represent 18 percent of all “private”-sector jobs in the city. Moreover, concentrated in areas like nonprofit social-services agencies, home health-care services, and nursing homes, these are mostly low-wage jobs. The typical home health-care job in the city, for instance, pays about $25,000 a year. New York will never earn back its title as one of the country’s leading entrepreneurial centers when tax-supported low-wage jobs account for so much of its economic growth.
Anyone who has watched the long decline of New York’s economy—which today employs nearly 200,000 fewer people than 35 years ago—will understand what’s happening, because it has happened before, repeatedly. The city’s economic slide began in the mid-1960s, when city and state pols began sharply raising taxes to pay for an expanded social agenda—saddling New York with the heaviest tax burden among U.S. cities. Today, Gotham taxes residents and businesses at about 75 percent more than the average of the next ten largest American cities—and that startling percentage is growing. Over the past 35 years, those high taxes have sucked billions out of the private sector, depriving it of needed capital for expansion and ultimately driving away thousands of businesses, including around a hundred Fortune 500 firms, and leaving fewer quality jobs for New Yorkers. A 1997 City Journal study concluded that if New York’s taxes had been in line with those of other old industrial cities, Gotham would have 1 million more jobs than it actually has.
The city’s Giuliani-era economic revival should have provided a blueprint for how to address Gotham’s post-9/11 challenges, for the 1990s was the one period in the
last 35 years when the city’s economy outperformed the nation’s, growing by 440,000 jobs and bringing New York back to its 1969 job peak shortly before the terrorists struck. Faced with budget deficits when he took office in 1993, Mayor Giuliani refused to raise taxes but instead shrank the size of government and slowly began cutting taxes. When Wall Street boomed and poured tax dollars into the city’s coffers, Giuliani used the resultant budget surpluses to cut taxes further, reducing the overall tax rate by about 10 percent, still much higher than most major cities. Even so, the cuts sent a message that New York no longer viewed the business community as a gigantic revenue source to be shaken down at every opportunity. Spurred by Giuliani, New York went ten years without a tax increase, although rising profits and property values propelled by economic revival still boosted tax collections and helped fill the city’s coffers.
Read it all. It's the only lesson in capitalism vs socialism you will ever need.
Bleak indeed. Doesn't help the situation when non-profit organizations, designed to assist poor children and elderly, steal from those non-profit/non-taxed coffers to fill the coffers of the very people who have the radio air power to influence voters into believing that rich people are evil (especially Repugs), or school principals who encourage parents to lie about their income in order to garner receive additional milk-money funds. I have no doubt that these are just a few examples in the vast wasteland of corruption called Socialism.
The tragedy is that NYer's will look upon Clinton as being the one who brought about NYC's economic expansion during the 1990's, rather than giving credit to Giuliani's 'low taxation' influence.
Why is it so difficult to comprehend the simple fact that taxing people to death causes poverty?
>UPDATE; DO SOMETHING ABOUT IT TODAY!
- Political Wire: Voting
Begins in NY-20 Special Election
- Political Wire: Making
Sense of the NY-20 Polls
- Heated
N.Y. 20 Campaign Reaches Back to Grass Roots
- Follow the action: PW collects
the latest tweets about the NY-20 special election
