Taxing The Super Wealthy In NY

Lets face it, nobody likes tax increases. On the flip side, we need taxes to keep our civilized way of life going, or else we would each have to pave our little strip of street outside and you know that'll never happen. Anyways, it is getting more well known that in this oncoming/present recession, income taxes are going to be down across the board, but there is always one group that is able to fly through tough times. That would be the super wealthy.

From Business Week:

The Assembly's Democratic majority on Wednesday proposed a temporary increase in income tax paid by New Yorkers making more than $1 million a year.

The measure, expected to be in the Assembly's budget proposal next week, would raise $1.5 billion annually, said Dan Weillor, spokesman for Assembly Speaker Sheldon Silver.

It would raise the income tax from 6.85 percent to 7.7 percent for New Yorkers making more than $1 million a year. The first year's revenue would go to the general fund, which the state uses to pay for most functions and from which it will need to fill a $4.8 billion deficit.

The second year's revenues would be split between the general fund and transportation needs. The last three years' revenues would be used for transportation costs, split between the New York City mass transit and the state Department of Transportation, Weiller said.

Oh my god, nooooooo, taxes, how will I be able to buy my third yacht?!?!? Seriously, less than one percent of an increase in state taxes will amount to a billion and a half extra dollars, money that can be spread around to help everyone. Honestly, these millionaires know that without the hardworking middle class, they would never have made their money, since no one would have bought what they were selling. And if you are just an inheritance baby, then well, pay up. This is an interconnected society, and this is the least we can do.