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View Full Version : Obama Tax Plan Raising taxes in New York State by a total of $3 billion !



megimoo
09-17-2008, 04:59 PM
New York Would Suffer Under Obama Tax Plan

"Will Hillary Speak Out About This ,Don't Count On It !"

New York is one of a handful of states that would be hit with a net increase in federal taxes under Senator Obama's tax plan, according to a new study.

Thanks to New York City's heavy concentration of wealth, the Democratic candidate's proposal would end up raising taxes in New York State by a total of $3 billion in the first two years of an Obama administration, while most other states on average would see a lower federal tax bill, the study said.

In effect, the Empire State would be subsidizing the tax-break component of Mr. Obama's plan, which the candidate is gearing toward low- and middle-income Americans.

The report, to be released today by the conservative-leaning Manhattan Institute think tank, also says Mr. Obama's proposed tax hikes would place state finances under a greater strain at a time when New York is saddled with a $5.4 billion deficit next fiscal year.

Relying on a statistical model used by a U.S. Treasury Department analysis, the think tank calculated that the higher federal rates would encourage wealthy taxpayers to shelter more of their taxable income, draining between $800 million and $1 billion from state coffers in 2009 and 2010.

"When rates rise sharply, taxpayers respond by working and earning less, and by choosing from a wide variety of legal strategies for shifting or sheltering income in tax-exempt investment," the report said.

A spokesman for the Obama campaign dismissed the report as right-wing propaganda. "A right-wing think-tank issuing a press release devoid of facts cannot obscure the fact that when it comes to who will be a better steward of the economy, John McCain says the current economy is strong and his own adviser said she doesn't think he's prepared to run a business," the campaign official, Blake Zeff, said in a statement.

Some recent polls show that Mr. Obama is maintaining a safe lead over the Republican presidential nominee, Senator McCain, among New York voters, though a Siena College poll that came out this week found that the Democrat's advantage has shrunk to 5 percentage points.



http://www.nysun.com/new-york/new-york-would-suffer-under-obama-tax-plan/86039/

LogansPapa
09-17-2008, 05:59 PM
$3,000,000,000? Is that all? Is this really "news.":cool: