Wednesday, September 17, 2008

Report: If Obama wins, NY loses

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.


New York Would Suffer Under Obama Tax Plan

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.

Mr. Obama's federal tax proposal comes as Governor Paterson and Mayor Bloomberg are considering raising state and local taxes as a last-resort measure to cope with deficits that may expand further in the wake of the Wall Street crisis.

"This would create an even stronger incentive for taxpayers to minimize their taxable incomes, feeding the cycle of both fiscal and economic decline," the study said.

88 comments:

Anonymous said...

Yeah. Right. Sure.

And the people putting forth this report are supporting which candidate?

Anonymous said...

I guess you guys liked the derugulation of bush's policies for wall street the last 7 years.worked out real well because the tax payers are bailing out these billionaire companies for their Enron,World com, bush and cheney games.Print more money but have no money on reserve, just debt to China,Russia, and Saudi Arabia.NO THANKS.Were already in debt because of these thieves for 50 years to come.Remineds me of the savings and loan scandels of the 80's from the first bush.The taxpayers will have to pay for their debt and voodoo economics.

Anonymous said...

Maybe Palin can speak in tongues to her charismatic end times god for economic assistance.She knows nothing at all about politics and mccant hasnt done any clean up of Wall street for the time hes been in politics.Hes voted down minimum wage increases though and admitted he doesnt know economics very well on TV interviews twice.SCARY idiots.

Anonymous said...

"Relying on a statistical model used by a U.S. Treasury Department analysis,"

Yes, it sounds biased.

Anonymous said...

Sounds like we're screwed either way.

italian girl said...

God, I am so sick of Republicans spreading their lies.

Anonymous said...

REPUBLICANS
ARE NOTHING BUT CLASS-IST/RACISTS
hiding out behind their fancy rhetoric!

It was President Bush(whacker)
who did more than his share in adding to the free ride that the wealthy classes have been enjoying for years in OUR country,
while the rest of us wait for the "trickle down effect" of urine on our noggins.

Now we've got the class of 2009:

Palin's wired
and Mc Cain looks tired.

A religio/psycho veep
and a Geritol guzzling Prez.

Just what our nation needs
to put it in a deeper hole!

I'm a "white" man who's
voting for Obama!

We're all being treated like
field slaves anyway.

So if it comes to the brutal truth
WHY NOT ELECT A MAN OF COLOR
(who's extremely well qualified)
who'd better understand our plight?

Don't support a Bush 3rd term OIL-GARCHY in America!

We've been reamed long enough!

You reward a political party for providing peace and prosperity not for giving us war and recession!

Show some courage...
the stuff real Americans are made of and help implement some real change not the spare change that the current administration is tossing to us as if we were
lowly street bums!!

italian girl said...

I'm so sorry Obama ended up our candidate. And not because he's not fit to be president. He SO is. But I was afraid people wouldn't vote for him because he's black. And that's exactly what is happening even in my own family. Lifelong Democrats are voting for McCain and will not admit that it's because he's black. Some voters out there will not see past his skin color and that's tragic.

McCain actually doesn't scare me half as much as that stupid Palin. Did you see the Gibson interview? Scary. Every time I think of her all I can think of, is her saying "Thanks, but no thanks on that bridge to nowhere." Republicans make it sound as though we should admire her decision to keep that Down's syndrome child. Why? Now how will she be able to take care of that special needs child as vice-president? Those kids need So much intervention and therapy. And when her and her husband are dead and buried, who picks up the burden of caring for that child? The siblings? Not fair to them. I can't stand how the Republicans are practically canonizing that Palin. It's ridiculous. Her speech at the RNC was despicable. She belittled community organizers as if her job as mayor of some rinky-dink town was so much more important. Shame on her. The only reason people like her is because she LOOKS a hell of a lot better than that corpse McCain. I really hope people wise up.
Great, now I got myself all pissed off.
Sorry I couldn't stop typing.

Anonymous said...

How exactly is Obama qualified to be president?

Anonymous said...

Obama is all talk. Ask him a serious question and see if he has a real answer. This is a guy who was against the troop buildup before he realized he was for it.

Anonymous said...

And if McCain wins the whole country, except guys like Bloomy and pals, loses. And if he croaks in office we could lose our country entirely into the hands of an opportunistic incompetent.

Anonymous said...

GOP: the party that wrecked america.

Anonymous said...

Hey folks, the subprime mortgage mess got its start under good ol' Democrat Bill Clinton, not his predecessor. And you guys wanted to send his wife to the Oval Office.

Anonymous said...

I love how all the Dems focus on how unqualified Palin is to deflect attention away from how unqualified Obama is.

italian girl said...

"How exactly is Obama qualified to be president?"

How was Bush qualified to be president? And don't tell me he had experience through his daddy.

Anonymous said...

I don't get how the party that is screwing NYC is fit to lead the entire country. The Dems haven't stood for what the majority of people in this country stand for since the Kennedy years, yet, like sheep, people still vote along their outdated party lines.

Anonymous said...

Bush was the governor of a very large state. Obama is a member of the Chicago political machine. Yes! I trust him.

italian girl said...

"Bush was the governor of a very large state."

And what helped him become governor. Or should I say who?

Wade Nichols said...

If Obama wins, the whole United States loses!

WHY NOT ELECT A MAN OF COLOR
(who's extremely well qualified)


Huh? What's O'Blarney's qualifications? Community organizer? Hustling "whitey" for some bucks constitutes "well qualified"??

Vote RON PAUL!!!!

Anonymous said...

I didn't hear any Dem complaining when Hillary decided to keep Bill around purely for political reasons so she could capitalize on his popular last name. But damn you if you were actually born with the last name of a former president.

italian girl said...

"Bush was the governor of a very large state."

And how did that experience help our country?
The Republicans haven't done right by us. It is time for a change.
Eight is enough!

Queens Crapper said...

Wow 20 comments already? I predict more than a hundred by noon. Because as I said previously, people love to bitch about the president instead of paying attention to what the local pols are doing to their backyard. Please continue and prove me correct.

Anonymous said...

Hey, here's a scary thought: What if the report is right? How will you like a quadrupled tax bill because the federal govt is screwing you from above and the sanctuary city policy is screwing you from below?

italian girl said...

"Vote RON PAUL!!!!"

Don't even bother going to the polls.

Ant said...

"This would create an even stronger incentive for taxpayers to minimize their taxable incomes..." the study said.

If I minimize my taxable income, I get evicted.

italian girl said...

Here's my reasoning:

We've given the GOP 8 years and look where it's gotten us. Why don't we give the deomcrats a chance? If they suck, then we'll oust them in 4 years.

Why is this so bad?

Anonymous said...

They're talking about people who create jobs, you know the billionaire rich folk everyone seems to hate until they realize they wouldn't be employed without them.

Anonymous said...

So then why didn't you oust Bush after 4 years?

Anonymous said...

Incumbency has its privileges.

italian girl said...

"I didn't hear any Dem complaining when Hillary decided to keep Bill around purely for political reasons so she could capitalize on his popular last name."

The big difference being that BOTH Clintons are actually brilliant people in their own right. YOu can't deny that.

Bush isn't and would be nowhere without his dad. Period.

Anonymous said...

It never ceases to amaze me the stupid rationales have for their choice of candidate.

You may end up having a Dem president, senate and house. You think having one party in total power is bad in NY, yet that is what you are saying you want for the country.

Anonymous said...

"The big difference being that BOTH Clintons are actually brilliant people in their own right."

Sorry, I call bullshit on this. Hillary never ran for or won anything before her husband was president. She used his name to get what she wanted. She has done absolutely nil for NY State yet people think she's fantastic. DUMB VOTERS.

italian girl said...

"It never ceases to amaze me the stupid rationales have for their choice of candidate."

Yes, and the GOP relies on this stupidity to get their candidates elected.

Anonymous said...

While the Dems rely on tweeding.

italian girl said...

Anon:
"Sorry, I call bullshit on this. Hillary never ran for or won anything before her husband was president. She used his name to get what she wanted. She has done absolutely nil for NY State yet people think she's fantastic. DUMB VOTERS."


Before she was First Lady Hillary accomplished a hell of a lot. Which is why I called her brilliant earlier:
Wiki:
"A native of Illinois, Hillary Rodham first attracted national attention in 1969 for her remarks as the first student to deliver the commencement address at Wellesley College. She embarked on a career in law after graduating from Yale Law School in 1973. Following a stint as a Congressional legal counsel, she moved to Arkansas in 1974, and married Bill Clinton in 1975. She was later named the first female partner at Rose Law Firm in 1979, and was twice listed as one of the one hundred most influential lawyers in America."

Pretty impressive for a young woman, huh?

Anonymous said...

So everyone who becomes a lawyer is qualified to be president?

Anonymous said...

what has she accomplished since becoming our senator?

italian girl said...

No.
But is everyone who becomes a drunk qualified either?

italian girl said...

I encourage you to wiki
"Senate career of Hillary Rodham Clinton"

Too long to copy and paste.
Sorry.

italian girl said...

Hmmmm.

What has Sarah Palin done?

She was a hockey mom!!!!!!

......with lipstick.


What an idiot.

Anonymous said...

There really is no need to resort to that unless you have totally run out of argument. Bush gave up drinking in 1975. He became president in 2001.

Anonymous said...

Thank you for pointing me to that very informative Hillary Clinton page that says she didn't read the intelligence report and decided to vote in favor of the Iraq War anyway. This proves my point. A qualified person would have read it and made an informed decision.

Anonymous said...

Obama failing to realize for decades that his minister engaged in hate speech leads me to conclude that he may tip back the bottle himself.

italian girl said...

Well Hillary and Obama gave up being lawyers years ago as well.

Anonymous said...

I love Italian Girl's rationale that we have an unqualified boob in office now, so we should vote for another one and see if he's as bad.

Funny shit.

italian girl said...

I think if you all like that status our country is in, then vote McCain/Palin.

But don't say I didn't warn you.

Ciao.

italian girl said...

Oh and Obama's not a boob, you are.

Wade Nichols said...

Pretty impressive for a young woman, huh?

Not really. Hillary's a politician, along with Bubba and O'Blarney. What have they really contributed to society? Not much.

I'm more impressed with Danica McKellar, who played "Winnie Cooper" on the Wonder Years. Graduated summa cum laude from UCLA with a degree in Mathematics, not some bogus degree like black studies or sociology. She's written a scientific paper as well and her name is attached to a mathematical theorem, the Chayes-McKellar-Winn theorem.

If I had a daughter, I'd want her to be like McKellar the mathematician, instead of Hillary the carpet bagger!

Anonymous said...

It's a shame people got off the topic presented. I believe that if this tax plan were enacted, it would be bad for NYC. You can't overtax the people who create thousands of jobs and expect those jobs to still exist.

Anonymous said...

Italian girl, are you 100% Italian? Because Italians are usually a lot smarter...

Anonymous said...

So Obama is all talk
but Bush/Mc Cain (oh yes and Palin) deliver... eh? !!!

Bush Sr. & Jr. have managed so far to deliver us a pair of ill planned wars and a downward spiraling economy where the once almighty U.S. dollar ain't worth shit compared to the Euro.

So, thank you, I'll take Obama's, intelligent, solution driven talk over the Republican party's stumble bum walk any day !

Who the hell are you kiddin' fella?

The Elephant Party just turned to Communism by bailing out IAG.

THAT'S RIGHT....
NATIONALIZING A PRIVATE ENTERPRISE IS PURE UNADULTERATED COMMUNISM OF THE LENIN/STALIN VARIETY!

THE BUSH LEAGUE TEAM ARE A PACK OF COMMIES AS RED AS THEY COME!

Anonymous said...

I say vote for mistuh white
"Wade Nichols"
a dyed in the wool BIGOT!

He seems to have all the wrong answers...might even make prez
G. Walker B. seem smart by comparison!

Old Walker isn't that the stuff our now dry drunk Bush Jr. used to put down by the fifth back in the days when he was a well-oiled frat boy?

Anonymous said...

Correction:
I meant AIG...my bad.

Anonymous said...

"Italian girl, are you 100% Italian? Because Italians are usually a lot smarter..."

she's a hell of a lot smarter than you.

vote for bush, oh sorry, mccain, and i wish you lots of luck.

Anonymous said...

Way back in the day....
the Bush family
(wasn't it grand daddy?)
did business with the same bank
as the NAZIS did!

And they've been
sellin' snake (crude) oil to us
ever since!

Anonymous said...

Check out this site:

www/impalin.com !

Anonymous said...

This report is about tax policy. The numbers are what they are. I love how those in the tank for Obama are still using the same old tired rhetoric: "McSame, LOLZ!!11 McCain = Bush!!!11One!@!" Either there is some truth to the conclusions of this report, or not. We're not talking about a partisan hack outfit here.

Anonymous said...

Voting for McCain is like voting for Palin for President. He WILL bite the dust very soon.
Are you ready for a candidate that has to be shielded from the media because she is not able to answer tough questions?

Dumb Republicans.

Queens Crapper said...

Less than an hour to go, and only 59 comments. Come on, don't disappoint. Make it to 100.

P.S. It doesn't matter who you guys vote for, the locals will be the ones to screw you in the end. New York will still end up going blue, no matter what. So please redirect your outrage toward the developer knocking down your neighborhood instead of at the candidates for president.

Anonymous said...

Remember this:

After after Mc Cain's wife faithfully stood by him while he was in a Vietnamese prison,
the first thing that he did soon after he got out was to abandon her and marry a rich new trophy wife!

So who's gonna trust
this family traitor to stick by
the hard working little guys and gals that compose the bulk of America?

NOT ME !!!

Anonymous said...

Palin was already interviewed on national TV and will be interviewed by Katie Couric at the end of the month. So she is not "hiding."

Anonymous said...

A man from a military family,
like Mc Cain, can rarely come up with more than a military solution to every problem that's put before him.

We need a leader not a soldier
to be commander in chief of our nation..

Anonymous said...

Crappy said:
"....So please redirect your outrage toward the developer knocking down your neighborhood instead of at the candidates for president."

Nah.

Anonymous said...

This is more fun!

Anonymous said...

Love the comment above about how a man from a military family is only capable of coming up with a military solution to a problem. By that logic, is Obama only able to come up with an identity politics hack activist solution?

PS- Getting close to 100. Dance, monkeys. Dance.

Anonymous said...

I wonder if the draft was a possiblity, if any of these clowns who are
blogging would vote for McCain.

Anonymous said...

Things Crappy posted on the blog today:
- Politician calls for end to self-certification
- LPC designates dog biscuit factory in Manhattan, tells Queens not to even think about landmarking until next summer
- Helen Marshall just realized the Unisphere's fountains don't work after being in office for 7 years
- Marty Markowitz doing some shady shit
- The state pushing for a contractor with a bad history to work at ground zero who ended up killing 2 firemen.

Where's all the outrage? Over a report that has the audacity to question the effect that Obama's tax plan will have on NYC. Not outrage over the projected consequences, but over the fact that it was examined in the first place. Guess what? It's YOU who is going to suffer if this report is correct.

Anonymous said...

Hey Crappy!

No political opinions?

Anonymous said...

Like we're not already paying through the nose every year? So Obama wins, NY still pays more than hick America does, like we do now. If McCain wins we get four more years of failed policies and we'll be lucky we still have a country to pay through the nose for. Go Obama.

Anonymous said...

No, the report is saying just the opposite. The tax burden will go DOWN in the rest of the country. It will go UP in NYC. We'll have less jobs, less financial growth and more taxes. That is a BIG problem. And it's because Obama is taking the vote of NYC for granted as Crappy pointed out in an earlier post.

Anonymous said...

I think most of you McCain lovers do not have a loved one fighting or that's been killed in Iraq.

Typical Republicans. Leave the fighting to the poor people. "We're above that."

Jerks.

Anonymous said...

TRUE DAT "CRAPPER"!

Whether it's a former Republican C.M./rapist like Dennis P. Gallagher or Democratic rats like Toby Stavisky or John Liu,
YOU'RE GONNA GET SCREWED
because both parties are taking developers' money by the handful!

AND THAT'S WHERE THEIR ALLEGIANCE LIES NOT WITH THEIR CONSTITUENCY!

Wise up and choose your office holders with great care.

Unplug those "I-pods", once in a while, do some serious reading
and log onto "Queens Crap" where the disturbing, colorful, blunt,bare truth is often revealed!

You can't find this kind of stuff in the Queens weeklies (weak lies).

They're owned by the politicos.

The Queens Tribune was originally set up by that perpetual/incumbent
Congressman Gary Ackerman.

(H-m-m-m....
maybe with the money that once disappeared from the (was it?) student council at Queens college
when he was its president ???

We'll never know!

Anonymous said...

"Typical Republicans. Leave the fighting to the poor people. "We're above that."

Most military folks vote Republican.

Anonymous said...

Yes that's why Al Gore didn't want their votes counted in Florida.

Anonymous said...

"Most military folks vote Republican."

Most military folks are uneducated, poor people that are suckered in by the GOP's lies.
Why do you think they run those negative campaign ads? Because they work.

Anonymous said...

The uneducated, poor people's vote is generally suckered in by the lies of the party of the jackass.

Anonymous said...

Uneducated and poor is usually the demographic that the Dems target.

Anonymous said...

i thought we were the elitist?

so which is it?

Anonymous said...

It's been said ad nauseum:
There's nothing as certain as death and taxes!

We're going to get a hike regardless of who occupies the presidential seat. That's life.

Critics often say that Democrats tax and spend.

But the Republicans spend then tax!

WHAT THAT MONEY IS BEING SPENT FOR IS WHAT REALLY MATTERS.

Dems usually spend it on improving education, social programs, etc.

In other words, the general improvement of the quality of life for the majority of us Americans.

Now what does the GOP spend our
tax money on?

Bailing out the companies of their wealthy compatriots that have gone belly up (a very long list)...

FROM OUR POOR LITTLE POCKETS
NOT FROM THEIR GOLD LINED BRIEF CASES!

So let's cut the crap!

Let the rich take care of themselves. They don't need help.

The rest of us surely do
and I'm gonna stick with
that donkey party.

It's us poor man's GOP.

Anonymous said...

let this be a slogan:

IF YOU ARE WORKING OR MIDDLE CLASS AND YOU VOTE REPUBLICAN, THEN YOU ARE AN IDIOT!

Anonymous said...

No poor man ever gave me a job.

Anonymous said...

yes, but a rich man would be the first to take your job away

Anonymous said...

True, but there are only so many nonprofit, community activist positions out there. The rest of us have to work for a living and live in the real world.

The democratic party is useful in that it provides a place for the activist types. I call them the "and what nots" because they like to pepper their speech with that phrase.

Anonymous said...

"Dems usually spend it on improving education, social programs, etc."

Once again, folks, what the hell is the difference who is in the White House if the schools in NYC are overcrowded, the parents don't speak English at home, the teachers are more interested in their contracts than in teaching?

Do you get it yet?

Anonymous said...

sorry crappy, we just didn't make it to 100

Anonymous said...

But diversity is strength!

Queens Crapper said...

Oops! It's 12:00 and you fell short of 100, though you came close. This has been a Queens Crap sociology experiment. Thank you for participating. I will now close out the post in the hopes that you will care as much about the other content posted to rant about it endlessly.

Anonymous said...

LAST!!111