making new millionaires in new york

S

SmarterthanYou

rebel
That economy must really be booming to have so many new millionaires....just one tiny thing wrong with it.

http://online.wsj.com/article/SB123906034447494989.html

Cheer up. Even in these hard economic times, Democrats across the nation are working on plans that will turn some of you into instant millionaires.

There's only one catch. You're not actually going to be bringing in a million-dollar income. But the tax man is going to treat you just as though you did.

That's the message coming out of Albany, N.Y., where a newly ascendant Democratic majority led by Assembly Speaker Sheldon Silver forced a deal with the Democratic governor to impose a new "millionaires' tax." The beauty is that to pay this tax, you won't have to make anywhere near a million dollars. If you make even $300,000 a year, the cash-strapped Empire State will consider you a millionaire.
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Well someone making 300k a year is likely to have over a mil in net worth. It depends on how you define millionaire.
 
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No they're not taxing networth.

But a millionaire is defined as someone who makes a million a year, its someone who has a million in net worth. A person making 300k a year is almost certain to have a million in networth.
 
Watermarx said:
No they're not taxing networth.

But a millionaire is defined as someone who makes a million a year, its someone who has a million in net worth. A person making 300k a year is almost certain to have a million in networth.
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Yeah, and we know that "almost certain" is always good enough when you are shooting at "punishing" rich people.
 
The rich have exploited the rest of us for too long. Payback is a bitch!
 
We have already scored a great victory by uncovering offshore accounts and forcing banks to tell Treasury about hidden wealth.
 
Time the rich paid their fair share. President Obama said he would share wealth and he's doing it.
 
DNC said:
Time the rich paid their fair share. President Obama said he would share wealth and he's doing it.
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This has nothing to do with Obama, it's the city of NY. Catch up. And it certainly isn't redistribution, they are desperately trying to catch up to what they have to pay.
 
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