Health plan could tax new yorks wealthiest at 56%!

[msmith198025]

http://www.nypost.com/seven/07162009/news/regionalnews/dem_health_rx_a_poion_pill_in_ny_179525.htm




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.

I know I would either shut down or move at that rate!

[vurbano]

Im taking bets on when Obama will be leaving office. Pissing off the rich might not be the best thing for him.

[Skyhi]

I hope they move to Cleveland and employ me!

[msmith198025]

I hope they move to Cleveland and employ me!

The tax rate is not that high there is it??

[HD MM]

The tax rate is not that high there is it??

Ohio Income Tax Rate...


If your income range is between $20,001 and $40,000, your tax rate on every dollar of income earned is 3.521%.

If your income range is between $40,001 and $80,000, your tax rate on every dollar of income earned is 4.109%.

If your income range is between $80,001 and $100,000, your tax rate on every dollar of income earned is 4.695%.

If your income range is between $100,001 and $200,000, your tax rate on every dollar of income earned is 5.451%.

If your income range is $200,001 and over, your tax rate on every dollar of income earned is 5.925%.

http://swz.salary.com/salarywizard/layouthtmls/swzl_statetaxrate_OH.html

[HD MM]

http://www.nypost.com/seven/07162009/news/regionalnews/dem_health_rx_a_poion_pill_in_ny_179525.htm


I know I would either shut down or move at that rate!

This 56% seems like a large number, mostly because NY has been a heavily taxed state for a while now. This number accounts for several taxes added together, not just income tax. The percentage that will potentially be increased is a "small" part of the overall taxation New Yorkers already pay...


The local tax rate in New York State at 1.7 percent, and combined it with the 8.97 percent that high-bracket state taxpayers will shell out in 2011, when the health care plan is set to take effect. Tack on the 39.6 percent federal tax rate, 2.9 percent for Medicare and 5.4 percent for the health care "surtax," and the figure is 56.92 percent for the Empire State.

[msmith198025]

This 56% seems like a large number, mostly because NY has been a heavily taxed state for a while now. This number accounts for several taxes added together, not just income tax. The percentage that will potentially be increased is a "small" part of the overall taxation New Yorkers already pay...

I do understand what you are saying, but with the rate already so high on them, this just adds to an already unreasonable (in my opinion) tax rate.

So, I again say, for me, enough would be enough and I would shut down or move. That is assuming I had not already done so. Damn if I will work hard and give away over half of it.

[HD MM]

I do understand what you are saying, but with the rate already so high on them, this just adds to an already unreasonable (in my opinion) tax rate.

So, I again say, for me, enough would be enough and I would shut down or move. That is assuming I had not already done so. Damn if I will work hard and give away over half of it.

True. We are a very over taxed nation unfortunately.

[fallout2600]

True. We are a very over taxed nation unfortunately.

No doubt! :thumbup:

Running an empire isn't cheap!

[froggigger]

I do understand what you are saying, but with the rate already so high on them, this just adds to an already unreasonable (in my opinion) tax rate.

So, I again say, for me, enough would be enough and I would shut down or move. That is assuming I had not already done so. Damn if I will work hard and give away over half of it.

That's just the overt taxes. The actual tax rate is even higher if you include all the embedded taxes paid that are hidden. (Relax. I'm not going to start another Fairtax discussion. :))

[froggigger]

No doubt! :thumbup:

Running an empire isn't cheap!

:free-happy-smileys- :thumbup: