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Terrifying 57% Tax Looms For Highest Earners

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CHARLES HURT
NY Post
Thursday, July 16, 2009

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.

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, the Washington-based Tax Foundation said in a report yesterday.

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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.

Full story here.

This article was posted: Thursday, July 16, 2009 at 4:14 am





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