Thursday, July 1st, 2010

Nightmare Mayor Bloomberg: The First Rule Is Don't Tax the Rich

Go caw yourselfI was settling into this steady warm feeling about Mike Bloomberg in recent months but that has pretty much evaporated with his latest insane bit of pro-business mouthing-off. Plans for a 6% tax hike on people earning half a million per year and more is going to destroy New York City, says New York City's billionaire mayor: "I think it's the best thing that ever happened to Connecticut. I can't imagine why every hedge fund wouldn't pick up tomorrow and move. The first common-sense rule of taxation is, don't tax people that can leave." Yes, just tax the poor ones who can't. Bloomberg then went on to describe "legislation that would decrease the tax deduction for those who make at least $10 million a year" as "CRAZY." Really, he did! And then: "the Legislature had insisted on raising taxes on the wealthy," he complained, saying, "All of this stuff is going in totally the wrong direction." Bloomberg has always sounded the red alarm that corporations and rich people will flee the city-and yes, the city runs because of rich people! And some did go to New Jersey and Connecticut! But it wasn't without Bloomberg giving away the farm in concessions on their way out anyway. Does anyone really think the nutheads in Albany are going to do a great job designing tax proposals? Not really! Does New York City have to be a business-friendly city? Yes! But has Bloomberg lifted a finger to stop the New York City job loss at rich corporations? No-he won't risk offending them.

7 Comments / Post A Comment

A constitutional crisis could sort this whole mess out.

He's right. When Dunkin Donuts in the city raised the price on jellies, I began to look out of state for a new apartment.

I can't imagine why every hedge fund wouldn't pick up tomorrow and move.

I see no problem with this.

synchronia (#3,755)

Prediction: Connecticut will raise taxes too and then they'll come back.

mmmark (#4,458)

Cuomo <3 richies too.

Eric Spiegelman (#3,968)

There are still hedge funds?

PinkPundit (#155)

Thing is, any Democratic mayor would *do* the same thing, except he'd feel bad about it, and maybe sound apologetic and blame "necessity" or "political reality." Bloomberg's just more explicit. The city has been run by FIRE (Finance, Insurance, Real Estate) since at least the 1975 fiscal crisis.

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