The Obama administration is about to define ALL single persons earning $ 200,000.00 or more or ALL couples earning $ 250,000.00 or more rich: It is time we stand up to this sheer stupidity.
Yes, these incomes would definitely qualify you as rich in Oklahoma City or a small town in Vermont, but it is VERY far from rich in a city such as New York City. It may indeed be necessary to raise taxes on the rich, but it is even more important, if we are to be American, to be fair. A BIG CITY FEDERAL TAX CREDIT is long overdue. Big cities drain national resources significantly less than smaller cities. They are much more efficient. but they are much more expensive to live in as well. Housing costs are often double, triple or even qudruple that of smaller cities and towns. Food, education, pretty much everything is more expensive. Yet Washington is incapable of recognizing this fact? Thats a national disgrace!
New York City residents should stand up for their rights now and demand a re-definition of the term ‘rich’ to take into account city-by-city cost of living immediately.
“A New York couple who earns $ 250,000.00 a year can afford an apartment that costs about $ 750,000.00 if they were to obtain a mortgage,” says Leonard Steinberg, managing director of Prudential Douglas Elliman and leader of the LUXURYLOFT team. “Where in New York City can you find a RICH PERSON’S apartment for $ 750,000.00? In Manhattan especially, earning $ 250k per year does not make you rich by any standards. Washington is completely out of touch with the real world.”
The ‘Bush tax cuts’ are set to expire at the end of 2010. Regardless of the increase in the tax rates, this is what we suggest:
1) Introduce a BIG CITY Federal Tax Credit based on the city you reside in calculated by the differential in cost of living. IE: Those earning $ 250k in Tupelo, Mississipi should not pay the same tax rate as those living in Manhattan.
2) Identify the large tax avoiders, those with access to the most ‘sophisticated’ accountants and lawyers who often pay taxes at half the rate the rest of us do, while earning ten times more.
3) Why ZERO estate taxes for just one year: revoke this stupid law that amounts to a windfall for a lucky few (at the expense of all of us) and introduce lower estate taxes for all…..or use the lost estate tax revenue of 2010 to pay down the national debt!
4) Raise the retirement age to adjust for the fact that we are living longer.
5) Make everyone pay SOME Federal taxes…even if its a little. No-one should get a free ride. We should all contribute. That way more people would vote too.
6) Cut the waste. Introduce more tech-based efficiencies to government. Fire corrupt government employees + jail them with double time.
7) Corporations and private equity are sitting on $2.5 TRILLION dollars in cash, but they are not hiring. Provide tax credits for hiring. Every individual employed, becomes a contributor to the economy by not only consuming and spending, but also reducing their need to tap into federal funds (our tax dollars) to foot their unemployment bill. Its cheaper than keeping them un-employed…..by far.
8) Re-evaluate illegal immigrant reform now: Charge all illegal immigrants a one-time fee ($ 250?) to become legal. 11 million x $ 250 can help to pay down the deficit. 11 million consumers, paying taxes (if they are collected!) will help fuel the economy. Make learning English a pre-requisite for citizenship. 1 common language unites a country and eliminates the cost of bi-lingual government (it costs BILLIONS every year!).
9) Don’t focus on raising tax rates! Focus on collecting the taxes owed. Our constitution is quite clear about us all being created equal, no?