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.
That means New York's top earners, small-business owners and most dynamic entrepreneurs will be facing new fees and penalties.
At some level there is some sense of poetic justice to this. New York is as blue a region as a blue state can get. With it's steep tax it should be a progressive paradise. Elect the Clintons and Shumers and Obamas and this is what you get. The Times editorial board should be thrilled.
It also means Obama is breaking yet another campaign promise. This time the one that no family would pay any higher than their rates in the 1990's.
But beware, these types of taxes never are restricted to only the "rich". Look at the current income tax which was to be limited to the top 1% or the AMT which was supposed to snare just a handful of people.
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