How The NYC Rich Just Got A Triple Whammy Of New Tax Hikes

This was inevitable. Cash-strapped governments at various levels were bound to soak their wealthiest citizens as much as possible, and for some time to come.

New York City, being a centre of wealth in a broke country and a broke state, was always bound to get hit particularly hard, and in fact its residents have been subject to a triple-punch combo.

Greg David at Crain’s New York explains:

This is the triple whammy for the wealthy in New York. Last year, New York sharply increased income taxes with the so-called millionaire’s tax, which starts well below $1 million. Second, the Obama administration will sharply increases taxes on the wealthy (families making more than $250,000) when it allows the Bush tax cuts to expire, raising income tax rates and the tax on capital gains. The health plan is the third whammy since it applies a 3.8% Medicare tax to capital gains and dividends on families earning more than $250,000 and individuals making more than $200,000.

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