The New York Times launched a stunning defense against raising taxes on the wealthy in a news story Wednesday that seemed more like well-dressed opinion.
The chief complaint lodged by TheNYT news desk is that the Senate bill would strip a local and state income tax deduction, which would place the full weight of local taxes on the residents of New York City. If the rich people of NYC are forced to carry the entire tax load placed on them rather than depending on the feds to help out, the paper’s argument goes, all kinds of bad things could happen.
Here are five consequences the affluent in and around the city might “suffer” under this bill.
1. Rich people might not be able to send their kids to the most expensive schools in the country. TheNYT talked to a professor living in an affluent commuter town, who learned from Turbotax that if she has to actually pay her local and state taxes in addition to federal taxes, her bank account would take quite a hit.
“‘We’re worried and we’re wondering what are we going to tell our kids,’ said Cynthia Metcalf, who lives with her husband and the youngest of their four children in Mount Kisco, an affluent commuter town. … Ms. Metcalf said she dreaded the prospect of telling her youngest child, Genevieve, a high school senior, that the college of her choice was beyond their means.”
2. Rich people might get upset at the prospect of forking over half their income to the government and leave. If the wealthy are forced to shoulder the full tax burden imposed on them by their local and state governments, TheNYT notes, they might pick up their money and leave those state and local governments with less to tax.