Monday, October 16, 2017
The New York City’s proposal for a Millionaire’s Tax
Recently a proposal is being floated around to tax millionaires to fund the aging New York transit system. Although the tax is being called millionaire’s tax but the figure which is being proposed is anybody earning from USD500k and above will be taxed. Although it has been floated around before it was a no show in the New York State assembly and Congress but the aging New York city transit system needs funds and anything to tax the rich will be popular and easy money to get the city’s hands on without jeopardizing the electoral votes of the common people. I am not a millionaire, not even anything close to even six figures but this proposal is so incorrect with the realities of paying taxes that no wonder the New York State assembly keeps on ignoring it wherever it comes up even in casual conversation. Let’s break it down for folks who think 500k is a large amount in New York city, although I will agree on one thing that if the median income is 69k which is not a lot by any standards if you are living in New York city where sometimes to breathe is taxed as being resident of new York, the idea of somebody earning 500k evokes jealously, envy and sometimes hatred enough that anything that can hart the so called rich is welcome news to the masses who are struggling. But even the so called rich can struggle in this consistently one of the most expensive cities in the world not to mention in the United States too.