New York City Democrats recently proposed raising taxes on the top earners in the state to combat budget cuts prompted by the ballooning costs of migrants flooding the city. However, a Wall Street Journal opinion piece warned this plan won't work, as high earners flee the state and legislators "run out of other people's money."
Last month, Rep. Alexandria Ocasio-Cortez, D-N.Y., joined 20 other New York legislators in calling for the "richest New Yorkers" to share more of the tax burden, by raising taxes on to the top 5% of earners in the state.
"The vast majority of us have felt the strain of rising prices from the grocery aisle to the housing market. Meanwhile, the richest New Yorkers have grown their wealth since the pandemic, and it’s past time they pay their fair share," the statement by New York City Democratic Socialists explained.
But Empire Center for Public Policy President Tim Hoefer claimed Ocasio-Cortez was trying to "redefine" who the "rich" were in the state. In his WSJ op-ed, he argued that the top 5% of earners translated to married couples who make around $250,000 or more, or $127,000 each.
Theft through majority voting.
