In an unsurprising move, Sheldon Silver preempted his return to the State Legislature next month by calling for a removal of the new millionaire's tax. In these tough economic times, the $2.6 billion in revenue this could have brought to New York must now be replaced with more budget cuts on top of the additional cuts needed with the economy in further decline. Of course, Shelly has "good" reason for this move.
From The NY Post:
Silver, whose Democrat-controlled legislative branch approved the tax in August, told associates over the past few days that he has had a change of heart "because of the meltdown on Wall Street," a source close to Silver said yesterday.
"Because of what is happening to the New York economy and to Wall Street in particular, with all the losses to so many people there, Shelly doesn't believe this is the time to be raising a tax on the wealthy, many of whom are a lot less so," said a source close to Silver, a Democrat whose Lower East Side district also includes Wall Street.
Yes, those poor wealthy people aren't quite as wealthy anymore. Dear Buffy can only afford one yacht and it's only a 31' footer. The extra $10,000 for those making a million dollars a year and extra $20,000 for the five million dollar income bracket would have done so much for the state in this rough time but no, they must keep that cash in lieu of all the poor people trying to storm the gates of their mansions.
Silver represents the Wall Street portion of his district very well, but in the other areas such as Chinatown and LES those who have had trouble making ends meet will have to do with even less. We wouldn't want to burden the rich with the problems of the country that has made them so wealthy, now would we Shelly?
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