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Boy Cuomo Agrees To Tax Hike On ‘The Rich’

From a crowing New York Times:

Albany Tax Deal to Raise Rate for Highest Earners

December 6, 2011

ALBANY — Gov. Andrew M. Cuomo and legislative leaders announced on Tuesday that they had reached an agreement to overhaul New York State’s income tax, creating a higher tax bracket for the highest-income residents and reducing the tax rate for millions of middle-class residents.

And never mind that ‘Boy Cuomo’ ran on a solemn pledge that he would never raise taxes. Naturally, the New York Times nor the rest of the mainstream media will never mention this.

He isn’t a Republican.

The deal came together just 25 days before the expiration of the state’s so-called millionaires’ tax — actually a surcharge on all individuals earning over $200,000 a year

Notice that New Yorks’ "millionaires tax" was really a tax on everyone making over $200,000 a year. This is how liberals and other tyrants destroy the meaning of plain words. (To paraphrase Sam Adams.)

The proposed tax overhaul would result in most residents’ being taxed next year at a lower rate than this year.

Sure it will. And Mr. Cuomo will never raise taxes.

It was a piece of political craftsmanship that allowed both Democrats and Republicans to declare victory…

There is no Republican Party in New York State.

The state’s current income tax rates are relatively flat, taxing any individuals who earn $20,000 or more, as well as couples who earn $40,000 or more and file joint tax returns, at the same 6.85 percent rate.

But for the last three years, individuals who earned more than $200,000 a year have also been subject to the tax surcharge, paying 7.85 percent on income from $200,000 to $500,000, and 8.97 percent on income over $500,000. For couples filing jointly, the surcharge kicked in at $300,000.

Under the proposal announced on Tuesday, newly created tax rates would range from 6.45 percent for income between $40,000 and $150,000 (for married couples) to 8.82 percent for income over $2 million.

And those numbers will go down quickly and quietly.

Tax brackets would be indexed to the rate of inflation and would take effect next year. The new top tax bracket would extend through 2014; the others would be permanent.

Under the new brackets, New York’s top income tax rate of 8.82 percent would rank among the highest in the country, according to the Federation of Tax Administrators…

Clearly New York State doesn’t need millionaires any more than it needs jobs.

This article was posted by Steve on Wednesday, December 7th, 2011. Comments are currently closed.

3 Responses to “Boy Cuomo Agrees To Tax Hike On ‘The Rich’”

  1. BigOil says:

    As predictable as the sun rising in the morning, the Democrats Socialist Party of America will redistribute wealth. Boy Cuomo is simply earning his stripes for a future Presidential run.

  2. canary says:

    What is this Holiday tax Obama wants. He made a public statement saying something like “no partying”
    or “don’t have parties during the holidays or festive season.?

    And next thing ya know he’s taking a 17 day holiday vacation party in Hawaii.
    Christmas is not in Obama’s vocabulary, so why doesn’t Obama just rename the season to be jolly the American Wwinter.

  3. Mithrandir says:

    Don’t worry DEMOCRAT MILLIONAIRES AND BILLIONAIRES, rules are for Republicans to follow. The heavy hand of government will never come down on generous party donors (and by the way, there is a fund-raising dinner next month).

    We will send our guys out to show you how to skirt the new rules, and the media will never report it. Just like the occupy wall street mob, we will organize it, then destroy it if it embarrasses us, and then our judges will throw out the disorderly conduct charges on our command. –It’s all RIGGED (for party members).

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