Politics

Updated July 16, 2009

57 Percent Tax Looms for Biggest Earners in NYC

By The York

 - FOXNews.com

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.

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.

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.

Continue reading at The New York Post

Latest   Politics Videos

Real  Clear Politics Poll

Job Approval Approve Disapprove Spread
Obama 49.9% 44.6% +5.3%
Congress 27.0% 64.3% -37.3%
Direction of Country Right Direction Wrong Track Spread
RCP Average 37.7% 57.2% -19.5%

Most  Active In Politics