Congressional plans to fund a massive health-care overhaul could have a job-killing effect on New York, creating a tax rate of nearly 60 percent for the state's top earners and possibly pressuring small-business owners to shed workers.
In order to pay for the massive health coverage proposed by House Democrats this week, New York's top income bracket could reach as high as 57 percent!
The top rate in New York City, home to many of the state's wealthiest people, would be 58.68 percent, the Washington-based Tax Foundation said in a report yesterday.
That means New York's top earners, small-business owners and most dynamic entrepreneurs will be facing new fees and penalties.
It’s the small business owners and “dynamic entrepreneurs” that hire a large percent of the work force in most areas.
This will force many to lay off workers as they scale back their businesses.
Without huge new taxes the government could not possibly give uninsured Americans cheap or free healthcare.
A large number of the uninsured are illegal aliens. Another large group without health insurance are those age 20 to 40 who choose to buy expensive cars, plasma TV’s, boats and other toys rather than pay for health insurance.
And, lets not forget the tens of thousands of gang members in all but the smallest towns in America who would also be covered by ObamaCare.
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