National Healthcare? Sure, Just Send New York The Bill!

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According to today's New York Post, if the healthcare bill is financed by the surtax on high income people, some residents of New York City could wind up paying up to 60 percent of their income in taxes!   According to the article:

"The top rate in New York City, home to many of the state's wealthiest people, would be 58.68 percent, the Washington-based Tax Foundation said in a report yesterday."

Under the proposed new surtaxes supported by House Democrats and championed by Rep. Charles Rangel (D-NY), New York would become the third-most-hostile place for top earners to live.  To say that this will drive people out of New York City and New York State in obvious.  (See rightwinggranny.com article "The Unintended Consequences Of Tax Increases" from May 20 of this year).  My question is "Where will they go?"

According to the article:

"The legislation is especially onerous for business owners, in part because it penalizes employers with a payroll bigger than $400,000 some 8 percent of wages if they don't offer health care.

But the cost of the buy-in to the program may be so prohibitive that it will dissuade owners from growing their businesses -- a scary prospect in the midst of a recession."

The impact of this tax program on small businesses would be profound.  Please read the entire article to see the extent of the problem.  The surtax program suggested by Representative Rangel would cripple economic growth in New York City and probably in New York State.  I wonder if the representative has considered the consequences of his actions.  

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This page contains a single entry by Granny G published on July 16, 2009 6:50 AM.

Losing Private Healthcare Coverage was the previous entry in this blog.

Should Congress Be Required To Live Under The Laws It Passes? is the next entry in this blog.

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