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Opening Arguments

It's the tax, stupid

Whoda thunk it?

This year, the deep pockets of New York's rich were tapped like never before. The state's wealthiest pay new higher income tax rates, higher taxes for limousines and yachts, more to enter a horse in a race and more to dabble in real estate.

Meanwhile, many are losing millions from the closing of business tax loopholes and those making over $1 million are losing tax deductions others get.

Now, early revenue figures suggest that taxing the wealthy more under this year's state budget may have driven away richer New Yorkers. That could make the economic comeback for the state even harder.

[. . .]

According to the Manhattan Institute, the wealthiest 1 percent of New Yorkers paid 41 percent of all state income taxes before the new tax rates were approved.

``It's not just who leaves,'' said the institute's E.J. McMahon. ``It's who doesn't come here? Who doesn't start a company here? Who graduates from Columbia and decides to start up a business in Philadelphia so they don't have to share their money with Albany?''

Instead of going to Asia, maybe Gov. Daniels should just do some outreach in states like New York and California: "Come to Indiana, and bring your company, too. We're not insane here!"

Comments

littlejohn
Thu, 09/24/2009 - 7:44pm

So, you're relying on the Manhattan Institute, eh? Look it up here:
http://en.wikipedia.org/wiki/Manhattan_Institute
It's associated with Scaife, Bill Kristol and every other fascist crank you can name. I'm sure the Manhattan Institute is an objective source.
It simply isn't honest to use them as a source without revealing their overwhelming right-wing bias. Of course they hate taxes. They're rich.

gadfly
Thu, 09/24/2009 - 8:39pm

Gosh, LJ:

You really need to read more, lay off the Kool Aid, and at least check the Manhattan Institute's website for any connection to those rich guys, Richard Mellon Scaife and Bill Kristol. Neither men show up on the M.I. website nor are they published institute's magazine, the City Journal. Here is a CBS Radio report that you will love because it describes Rush Limbaugh's bailout from New York City, but also describes the negative results that result from overtaxing the super rich.

http://tinyurl.com/kwmupu

You might also read Tom Golsano's own words as to why he left New York. Golsano is rich because he isn't a dumbass.

http://tinyurl.com/yc65tzp

tim zank
Thu, 09/24/2009 - 8:51pm

Littlejohn sez "Of course they hate taxes. They

littlejohn
Fri, 09/25/2009 - 1:40pm

Of course one doesn't have to take Econ. 101 in journalism school. What are you talking about?
As for Scaife and Kristol, I was relying on Wikipedia, which may, of course, be a mistake. At any rate, your argument is with them, not me.
In fact, none of your arguments should be with me, because, as is so often pointed out here, I'm always wrong. Pick on somebody who isn't an idiot.
Where's my banjo?

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