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Subject: Elections have consequences...

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Ed Gooding (VA)    Posted 01-05-2019 at 06:08:53 [URL] [DELETE]        [Reply] [Email]  
  • Elections have consequences...
  • Ocasio-Cortez Tax Plan Creates 82.7% Top Income Tax Rate for New Yorkers
    Submitted by thebert on Friday, January 4th, 2019

    In an upcoming 60 Minutes interview, Congresswoman Alexandria Ocasio-Cortez (D-N.Y.) will call for federal income tax rates of up to 70 percent as part of a proposal to create vast new government spending programs.

    The current top federal income tax rate is 37 percent, so the Ocasio-Cortez plan will nearly double the tax rate for the top bracket.

    New York State has a top income tax rate of 8.82 percent while New York City has a top rate of 3.876 percent. So under this proposal, her constituents would pay a top combined income tax rate of 82.7 percent:

    Federal income tax rate: 70.0%
    NY state income tax rate: 8.82%
    NYC income tax rate: 3.876%
    TOTAL: 82.696%

    New Yorkers would not be the only ones suffering under the Ocasio-Cortez plan. California taxpayers would pay a top rate of 83.3 percent (70 percent plus the California rate of 13.30 percent).

    In addition to this high income tax rate, taxpayers would remain impacted by other taxes including payroll taxes, taxes on capital gains income and dividends, and the death tax.

    Ed Gooding (VA)    Posted 01-05-2019 at 11:54:22 [URL] [DELETE]        [Reply] [Email]  
  • Re: Elections have consequences...
  • Yeah, except in reality the "tippy-top" will never be taxed to the extent desired because they are ones who have international-savvy lawyers and accountants who will park their cash off-shore. Manufacturers will leave, like they did under Owebama. The middle class will be left to pay the tab of the additional trillions (40 of em for OAC's socialist fantasies) in expenditures.

    Regardless of the attractive (to you, obviously) theory behind OAC's rants, practical reality, not to mention history, shows that this will make the 8 years under da big Owe look like an economic boom in comparison.

    Nice way to get us started to be the next Venezuela. No thank you.

    Dean    Posted 01-05-2019 at 08:38:05 [URL] [DELETE]        [Reply] [No Email]  
  • Re: Elections have consequences...
  • There are few if any dems that ever saw a tax that they didn't like.

    Dean

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