De Blasio’s “Tax the Rich” Plan May Stall in Albany

By:  Warren Mass
01/03/2014
       
De Blasio’s “Tax the Rich” Plan May Stall in Albany

New York Mayor Bill De Blasio will have difficulty in securing the required state approval for his five-year plan to increase the city income tax on residents earning more than $500,000 to finance universal early-childhood education.

Bloomberg News reported that De Blasio’s proposal would raise taxes on income above $500,000 earned in New York City from almost 3.9 percent to 4.4 percent. The increase is estimated to generate $530 million over a five-year period. The average increase would be $973 a year, according to the city’s Independent Budget Office.

“That’s less than three bucks a day — about the cost of a small soy latte at your local Starbucks,” said de Blasio about the tax increase during his January 1 inaugural address. “We do not ask more of the wealthy to punish success; we do it to create more success stories.”

During his campaign and in his inaugural address, de Blasio repeatedly referred to Charles Dickens' A Tale of Two Cities, a novel about the French nobility's abuse of peasants and the revolution that followed. “When I said we would take dead aim at the Tale of Two Cities, I meant it,” he said at his inauguration. “And we will do it. I will honor the faith and trust  you have placed in me. And we will give life to the hope of so many in our city. We will succeed as one city. We know this won’t be easy. It will require all that we can muster.”

During his January 1 address, he held to an unsurprisingly "progressive" tone: “We are called to put an end to economic and social inequalities that threaten to unravel the city we love. And so today, we commit to a new progressive direction in New York.” 

The “progressive” (today’s favored term for socialist) plans outlined in his speech included:

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