Tuesday, December 6, 2011

From California to the New York Island

This from Gov. Jerry Brown of California:

"My proposal is straightforward and fair.  It proposes a temporary tax increase on the wealthy, a modest and temporary increase in the sales tax, and guarantees that the new revenues be spent only on education.  Here are the details:
  • Millionaires and high-income earners will pay up to 2% higher income taxes for five years. No family making less than $500,000 a year will see their income taxes rise. In fact, fewer than 2% of California taxpayers will be affected by this increase.   
  • There will be a temporary ½ cent increase in the sales tax.  Even with this temporary increase, sales taxes will still be lower than what they were less than six months ago.
  • This initiative dedicates funding only to education and public safety--not on other programs that we simply cannot afford."

 And from New York we have:

ALBANY — Gov. Andrew M. Cuomo and legislative leaders announced on Tuesday that they had reached an agreement to overhaul New York State’s income tax, creating a higher-tax bracket for the highest-income residents and reducing the tax rate for millions of middle-class residents.

And I say why not, let the rich pay a bigger share of the taxes. For several decades now their mantra has been "bigger" - bigger house, bigger car, bigger salary, bigger dividend........ Let's not stop at the tax doorstep.

If they have to pay a bigger share of the tax bill, then so be it. It won't hurt the job market or the economy. And judging from comments from a whole lot of really rich people they aren't opposed to paying more either. Fare share (yep, I spelled that correctly).

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