Wall Street Loses the Homers

This is a very interesting polling result from New York (note that this refers to a NY state tax, not federal; boldface mine):

Nearly three-quarters of New York voters say they want an income tax surcharge on the state’s wealthiest residents, according to a new Siena Poll out today.

“Voters give a resounding yes, 72-26 percent, to increasing taxes on New Yorkers earning more than one million dollars a year,” said Siena spokesman Steven Greenberg. “And they do so after being told that supporters – including many Assembly Democrats – say it will raise enough money from those who can most afford it to offset additional education and health care cuts, and opponents – including Cuomo and Senate Republicans – say it will make New York less attractive to business, putting new and existing jobs at risk. In March, and without the arguments in support and opposition, voters supported the millionaire‟s tax 71-27 percent.”

The current tax hits married couples earning more than $300,000, and singles earning more than $200,000. It is slated to expire on Dec. 31 and Senate Republicans have vowed to block its renewal. Earlier this month, Senate Majority Leader Dean Skelos told TALK-1300 AM that he had Gov. Andrew Cuomo’s assurance that the surcharge would be allowed to die.

According to the poll however, support goes across party lines.

“A millionaire‟s tax has support across the spectrum, including 83 percent of Democrats, 70 percent of independents and even 55 percent of Republicans. It is supported by three-quarters of New Yorkers earning less than $50,000 per year and two-thirds of those earning more than $100,000,” Mr. Greenberg said. “It is supported by more than two-thirds of voters from every region of the state.”

Politicians really ignore the breadth and depth–the numbers have remained unbudged for months, despite nominal Democratic Governor Cuomo’s support for repeal and an exhaustive PR campaign–of raising taxes on the rich at their own peril. People really don’t like these guys, and Occupy Wall Street has made it politically acceptable to criticize them openly. It’s especially shocking in New York and New York City, where a huge part of the economy is Wall Street-related. The problem with the conservative tactic of constantly hyperventilating about deficit reduction (which, at the state and local level, is appropriate since New York can’t print dollars) is that people eventually get the crazy idea into their heads that you can reduce deficits by raising taxes.


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3 Responses to Wall Street Loses the Homers

  1. National support for a tax on the wealthy is also a large majority, although I have not seen numbers quite that large.

  2. Ah, yes, but those are New Yorkers and thus not Real Americans. Crisis averted!

  3. Ah, yes, but those are New Yorkers and thus not Real Americans. Crisis averted!

    New Yorkers think the western boundary of the US is the Hudson river.

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