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Atlas Shrugged begins, Part II... New York taxes bite deeper and deeper
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Wednesday, April 01, 2009
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One of our most popular all time Crux posts is titled "Atlas Shrugged beings... New York turns on the rich."

The post described New York's dark path towards higher and higher tax rates... larger portions of wealth taken from private hands and turned over to the dead hand of the state.

This "Atlas Shrugged LIVE" story is getting worse. This week, state officials said the higher tax rates will cover an earner's entire income... not just the amount exceeding lower tax brackets. These comments go against earlier claims.

New York City now has a top tax rate of 12.65%... above California's 10.55%. It's the highest in America. We're no great fans of Wall Street. It's generally just a big rip off machine. But this trend of higher and higher taxes is disgusting... and it will produce an outflow of wealth and brains from the city. New York's best days as a financial center are behind it. Hong Kong's best low-tax days as a financial center are ahead of it.

Read full article...

Topics: Boondoggle
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