Rich New Yorkers making plans to escape social welfare tax burden – now that they have to pay it themselves

From Robert Donachie at Daily Caller,

Wealthy New Yorkers can currently lower their federal taxable income by more than $100,000 through a provision of the tax code known as the State and Local Tax Deduction, or SALT. The average SALT deduction in the Manhattan area is at least $60,000.

The Republican bill will cap the deduction amount at $10,000, meaning wealthy New Yorkers who currently write off expensive real estate could face an extra six figures in taxable income.

President Donald Trump is expected to sign the bill into law by Christmas, which is why many hedge fund and private equity managers are seriously considering getting out of New York. More.

Reality check: In short, they were big supporters of every type of largesse the government could think up as long as someone else was paying. It’ll be a test of Trump’s presidency whether he does sign the bill for the cold shower these people need.

One could, of course, refer the Chardonnay socialists to the many Bible verses on the virtue of giving till it hurts of one’s own wealth. But somehow, we fear they will have a secularist meltdown at that point and renew their attacks on traditional religion instead.

See also: How the sexual revolution fuels hate against Christianity and traditional lifestyles

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  • HA!

    Merry Christmas, fair-share crowd!

  • Brett_McS

    Well, under Major DeCommio, New York is headed back to the good old days, when Escape from New York was a hit movie.

    • barryjr

      And a dream for most New Yorkers.

    • Hard Little Machine

      When Dave Dinkin was mayor he told Wall st he would soak them with taxes. Wall st complained and the mayor laughed. His exact comment was ‘what are you going to do, move to Jersey?’ In the first year 30,000 high paying jobs went to Jersey.

  • Hard Little Machine

    An extra 100k in Manhattan isn’t wealthy it’s slightly upper middle class. A married couple of two long term city employees with OT is at least 200k. Two white collar employees who are both mid level attorneys in an insurance company are pulling in 400-500k a year. And in some parts of NYC that is scraping by. It sounds like a good story for the NYT or CNN to tell that this tax plan will destroy the middle class but in NYC there is no middle class, not one you’d recognize. There are the poor and working poor, hyper wealthy and a half million city workers

  • JoKeR
  • Clausewitz

    Now that high tax states can no longer hide behind the federal government in America, it’s going to be interesting to watch how the Progressives deal with reality.