Watching the Democratic debates this week has been a long litany of trillions in promised reparations, free tuition, climate program, and other plans. At a statistical zero of support in polling and even a majority of New Yorkers opposing his presidential run, Mayor Bill de Blasio decided to go for open class warfare. While he stopped short of actually calling to eat the rich, he promised “we will tax the hell out of the wealthy.”
De Blasio pledged “When I am president we will even up the score. We will tax the hell out of the wealthy to make this a fairer country.”
It was part of a theme of the debate that wealthier Americans are not paying their fair share and that our problems can be eliminated through trillion dollar programs paid for with higher taxes.
De Blasio however is facing the loss of wealthy citizens who are going to lower tax states like Florida. Now that New Yorkers cannot write off their higher taxes on their federal forms, many are fleeing. The loss of these top earners can be devastating. The top 1 percent that is being constantly attacked by the Democrats pays for nearly half of the income tax revenue in New York City. A family of four in New York earning $175,000 will pay 25 percent of their income in New York in taxes as compared to 14 percent for the same family in Florida.
The top 1 percent in the country as a whole pay a greater share of individual income taxes (37.3 percent) than the bottom 90 percent combined (30.5 percent).
The glee at taxing the rich was captured by Sen. Elizabeth Warren who rubbed her hands after talking about taxing primary opponent John Delaney who is worth $65 million. The image reaffirmed the stereotype of Democrats on taxes and spending.