With New York City residents fleeing, Democrats in New York are scheming up new taxes to make up for the revenue that will be lost. Some of these ideas – like a wealth tax on assets – are so aggressive even Governor Cuomo is concerned.
One Assembly member is bulldozing through any concerns and pushing a confiscatory 120% tax to punish wealthier residents who try to escape their tax schemes. Calling this highway robbery would be an insult to highway robbers.
Assemblyman Ron Kim, representing part of Queens, stated:
“90% of NY: Tax the damn rich
“Cuomo: Well, I think it’s unconstitutional and what if they leave us and won’t finance my political future?
“Me: Then let’s raise their rates to 120% to confiscate their wealth & put them in debt before they leave us.”
The message this sends is clear: leave now, before it is too late.
The wealth tax Kim is looking to enforce with his plan to take all of your money is a likely-unconstitutional tax on New Yorkers and companies with $1 billion in assets. Touted by Alexandria Ocasio-Cortez, it applies the capital gains tax to any assets, not just profit on the sale of an asset.
Desperate to avoid reality, Kim would rather throw a hissy fit and threaten more radical unconstitutional attacks on New Yorkers like total wealth confiscation.
Kim is not alone. Across the country, California Assemblyman Rob Bonta has proposed a tax on net worth. The tax would somehow even apply to people who left the state for 10 years. Absurdly, if a wealthy person moved to California they would still pay the tax on their wealth earned in their previous state of residence.
In New York, things are only going to get worse. The state was driving taxpaying residents out in droves well before the coronavirus crisis hit.
With the crisis making matters even worse, many wealthy New Yorkers have relocated to second homes outside of New York City, and often out of state, and many more have followed as fleets of moving trucks have been lining up to whisk them away.
A state legislature that has become dominated by the ultra-progressive left following upset victories in 2018, is poised to become more socialist this cycle. That is not hyperbole, multiple candidates endorsed by the Democratic Socialists of America (DSA) won primaries in heavy Democrat districts.
This means wild attacks on productive New Yorkers won’t stop with tweets.
In states like New York and California, radicals like Kim and Bonta will keep trying to tax people to fund their friends, costly green energy schemes, and ludicrously expensive ideas like government-controlled healthcare.
Any taxpayers in these states who don’t feel like being test dummies for unhinged socialist tax schemes should call the moving company stat.