“Congressional plans to fund a massive health-care overhaul could have a job-killing effect on New York, creating a tax rate of nearly 60 percent for the state’s top earners and possibly pressuring small-business owners to shed workers,” reports the New York Post today.
New York’s top income bracket could reach as high as 57 percent — rates not seen in three decades — to pay for the massive health coverage proposed by House Democrats this week.
Kathryn Wylde, president of the Partnership for New York City, an umbrella organization representing the city’s major businesses, said that the estimated top marginal tax rate of 57 percent for New York actually underestimates the potential impact on businesses.
That’s because it doesn’t include the city’s burdensome unincorporated-business tax, which snares many entrepreneurs.
“It could be between 62 and 63 percent,” she said.
If the House plan passes, Wylde said, “There literally, at this point, is very strong reason to relocate your family and your business outside New York.”
For those who support Obama and the Democrats radical health care “reform” package, I have only one question.
If you don’t want to pay for your own health care coverage, what makes you think I do?