Cuomo proposal would raise top tax rate for New York City

[CordMcNally]

Cord, run for office and I'll donate to your campaign or PAC.

I'd never win. I have much better language on the forum than I do in real life.

[JBME]

i mean, its on single 1.1MM or married 2.2MM.....

im not shedding a tear.

I didn't see this in the story, but if it's true, it hardly even affects the people on this board. It's like the top half percent of the one percent

[Lithium]

14.7% is misleading. One poster last year described how they actually pay a 117% marginal rate in NY. Look up "tax benefit recapture." Not sure why anyone would live in New York at that income, let alone do honest work.

[Tim]

Same thing with 'living wage'. It's always going to be a number that is more than the current number regardless of what that current number is.

This “living wage”is killing me.

One shared opinion between employers and employees.It’s amazing shared points of agreement make life so easy. Are we good?

[Nysoz]

That's typically my biggest complaint. They won't stop the increase in spending and debt. I don't have their pension obligations off hand but my guess is that they're massive and they're only going to get bigger. I don't live in New York and never will so this will never affect me, however, it's not just millionaires that are going to be hit on the state and federal level. You've already been told by the new president that middle class taxes are going up.

I'm completely on board with simplifying the tax code.

Do you have a source for the new president saying that middle class taxes are going up?

[CordMcNally]

Do you have a source for the new president saying that middle class taxes are going up?

Sure. He said he's going to repeal the Trump tax cuts in pretty much every debate he's done for this cycle. Here's the old tax brackets for reference.



Do you think they're going to pay for everything by only taxing the evil rich? We all know it isn't important what they say, it's what they do. We shall see.

[Nysoz]

Sure. He said he's going to repeal the Trump tax cuts in pretty much every debate he's done for this cycle. Here's the old tax brackets for reference.



Do you think they're going to pay for everything by only taxing the evil rich? We all know it isn't important what they say, it's what they do. We shall see.

https://taxfoundation.org/joe-biden-tax-plan-2020/

According to this, "Repeal the TCJA components for high-income filers". I do agree it'll be all smoke until we actually see things done

[Lordosis]

The trouble with us saying I do not care how much they tax people making over 1 or 2 million is that there are many, many more people saying they do not care how much they tax people making over 100-200K.

NY just like most big government has a spending problem. Giving it more money will not address the problem. It will probably make it worse.

[CordMcNally]

https://taxfoundation.org/joe-biden-tax-plan-2020/

According to this, "Repeal the TCJA components for high-income filers". I do agree it'll be all smoke until we actually see things done

I'm well aware of their report. I'm also well aware of how difficult these predictions are and how they don't (can't) account for unintended consequences.

[jhwkr542]

Wasn't Biden also going to get rid of the SALT deduction limitation? That had as big of an effect as anything for me, and my states aren't that high income tax.

[Random1]

The government has no intention of paying down debt, they just go along as it is and then devalue the dollar.

[ENT Doc]

I didn't see this in the story, but if it's true, it hardly even affects the people on this board. It's like the top half percent of the one percent

Who do you think is next?

[Dusn]

The trouble with us saying I do not care how much they tax people making over 1 or 2 million is that there are many, many more people saying they do not care how much they tax people making over 100-200K.

NY just like most big government has a spending problem. Giving it more money will not address the problem. It will probably make it worse.

Like all things there has to be a balance. It depends on where you feel that balance should be. But I’m not going to oppose taxes on individuals making >1-2 million, in order to create a buffer to protect myself from taxes.

It’s easy to say that the government should decrease the debt by cutting spending but neither party has demonstrated that they can do that. The options are higher taxes now, or greater debt and higher taxes later. Being able to push off the tax increases until they leave office (sort of like paying govt workers with unsustainable pensions) is actually what lets politicians be not accountable for their spending.

[CordMcNally]

But I’m not going to oppose taxes on individuals making >1-2 million, in order to create a buffer to protect myself from taxes.

This is where you and I differ. Just because something may not directly affect me doesn't mean it isn't bad policy or won't have consequences later. There's too much 'me thinking' out there and that's what will make it difficult to continue to move forward. I care about how things affect me but I also care how things affect the country.

[White.Beard.Doc]

So yeah, I live in NY and I still work for a living. When you stop to think about it, I am probably some sort of weird outlier. I am a supersaver and a passionate, dedicated investor.

I have been working multiple jobs since I was a teenager. I don't know, maybe it is some sort of addiction. In high school I started a landscaping business. In college I worked as a waiter and a bartender, in med school I worked on the adolescent psych unit and as a mental health counselor. Most of the time it was quiet and I could bring my books and study. As a resident and as a fellow I was often moonlighting. And as an attending, I always worked extra.

All along the way, I was also a supersaver and an investor. I bought stocks, I maxed out all the 401k, 403b, 457b, tIRA, SEP-IRA, profit sharing plans and more. I invested in real estate. And then I continued to work extra and then every month I invested some part of those extra earnings.

After decades of this ongoing strange behavior, I have amassed an 8-figure net worth. Yet I continue to work. Along the way, I founded and built multiple businesses from the ground up. Said businesses continue to employ many scores of highly compensated employees.

This persistent weird behavior of mine has led me to this strange tax cliff in NY. When I arrive at that silly high income, I go over the NY state tax cliff where they claw back the benefits of the marginal rates so generously offered to those at lower levels of income. Beyond the cliff, the state marginal rate is 93.5% and the federal rate is 37%. Added together, the marginal income tax rate is 130.5%. I have the privilege of paying more than 100% for each extra dollar earned.

I am no Elon Musk, but when the press recently asked him how he felt to be the richest man in the world. He responded, "How strange.... Oh well, got to get back to work." I think Mr. Cuomo may be trying to halt my strange behavior, but no matter how much he incentivizes me to stop, I cannot seem to help myself. Maybe my friends need to do some kind of intervention or something, I don't know.