Author Topic: AOC, socialists target NY’s top 5% with tax hikes — households making more than $250K  (Read 453 times)

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Offline Kamaji

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AOC, socialists target NY’s top 5% with tax hikes — households making more than $250K would be hit: analysis

By Carl Campanile
Published Oct. 3, 2023

Rep. Alexandria Ocasio-Cortez and her lefty Democratic Socialist comrades aren’t just targeting the 1 percenters anymore.

The New York City congresswoman and her progressive posse are pushing to slam the “top 5%” of New Yorkers with a massive total $15 billion in state income-tax hikes that would hit households making just over $250,000 a year —  well below millionaires’ row, an analysis says.

The eye-popping proposed tax increase comes as a new study released Tuesday by Upgraded Points found that New York suffered the largest exodus of wealthy millennials ages 26 to 45 who made more than $200,000 than any other state — a 4.6% reduction, or a net drain, of 27,101 prime-aged taxpaying earners.

That’s more than double the 2.3% loss of affluent millennials in California, according to 2021 tax returns. Among the largest states, Florida had the biggest influx of millennials, a 5.6% jump.

But AOC and the socialist left claim that taxing even lower to mid-six-figure earners is good for New York.

“The vast majority of us have felt the strain of rising prices from the grocery aisle to the housing market,” the AOC-allied Democratic Socialists of America said in a recent Sept. 18 press release. “Meanwhile, the richest New Yorkers have grown their wealth since the pandemic, and it’s past time they pay their fair share.

“Along with real housing solutions, socialists in office have been fighting for full funding of schools, higher-education, and healthcare. We can pay for these public services by raising taxes on the top 5% of New Yorkers,” the statement said.

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Source:  https://nypost.com/2023/10/03/aoc-socialists-target-nys-top-5-with-tax-hikes-households-making-more-than-250k-would-be-hit-analysis/

Offline DefiantMassRINO

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... the very people who can afford to move elsewhere.  $250,000 annual income is a pittance in New York City.
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Offline Kamaji

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... the very people who can afford to move elsewhere.  $250,000 annual income is a pittance in New York City.

More or less.  And they don't even have to find jobs outside of NYC.  NYC is not allowed to impose an income tax on commuters who do not live in NYC, so these folks will simply migrate out to Nassau and Suffolk, or Westchester, or even NJ, and continue to commute in to their jobs in NYC.

Online jmyrlefuller

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... the very people who can afford to move elsewhere.  $250,000 annual income is a pittance in New York City.
Well, it's also the very people who can actually afford to live in New York City! That itself is a luxury... much like living pretty much anywhere that's popular.
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