Most people dont make over 1,000,000 a year. A millionaires tax, like the one passed in Washington state, only taxes 9.9% of every dollar OVER ONE MILLION. The first million has the same tax rate as everyone else.
They still keep 90.1% of every dollar over one million. It is not as if it is forfeit. They will still be making a shit ton of money.
Talking about the property tax, not the wealth tax. And even though it’s lower than other parts of the country, a third of NYC denizens own their homes, so a property tax increase seems like it’d have a lot of collateral effects on the not-so-wealthy.
I feel you there. Washington state has no income tax, so there are so many levers we can pull to raise revenue. Property tax is one of the big ones. Every time I get a ballot to vote on, there is some new levy they want to add. I generally vote yes, because I want schools to be funded and parks taken care of, but it does get to a point where our tax system is regressive.
Wealth taxes make sense. Those who can afford to pay a small amount more should step up. Mamdani’s plan of raising taxes on wealthy New Yorkers by -2%- is even less than what was passed in Washington state.
Most people dont make over 1,000,000 a year. A millionaires tax, like the one passed in Washington state, only taxes 9.9% of every dollar OVER ONE MILLION. The first million has the same tax rate as everyone else.
They still keep 90.1% of every dollar over one million. It is not as if it is forfeit. They will still be making a shit ton of money.
Talking about the property tax, not the wealth tax. And even though it’s lower than other parts of the country, a third of NYC denizens own their homes, so a property tax increase seems like it’d have a lot of collateral effects on the not-so-wealthy.
I feel you there. Washington state has no income tax, so there are so many levers we can pull to raise revenue. Property tax is one of the big ones. Every time I get a ballot to vote on, there is some new levy they want to add. I generally vote yes, because I want schools to be funded and parks taken care of, but it does get to a point where our tax system is regressive.
Wealth taxes make sense. Those who can afford to pay a small amount more should step up. Mamdani’s plan of raising taxes on wealthy New Yorkers by -2%- is even less than what was passed in Washington state.