President Obama Moves Ahead With Tax-The-Rich Plan, Which Could Hit New Yorkers Hard

Republicans Sound Off On Plan; Schumer: Homeland Security Aid Part Of Deal

NEW YORK (CBSNewYork) — President Barack Obama proposed a new budget Monday that seeks to lower the deficit — in part by increasing taxes on families with incomes of more than $250,000.

Obama’s new budget  got stuck in the door when it was delivered to the Republican-controlled house, foreshadowing what is likely to happen to his tax-the-rich spending plan in the notoriously tax-allergic lower House, reports CBS 2’s Marcia Kramer.

“We don’t need to be providing additional tax cuts for folks who are doing really, really, really well,” the president said.

The president proposed eliminating tax deductions for the wealthy, a so-called “Warren Buffett” rule that requires those who make over $1 million to pay at least 30 percent, and ending the Bush era tax cuts for families making $250,000 or more per year.

“Do we want to keep these tax cuts for the wealthiest Americans?” Obama said.

The plan could dramatically affect people living in the metropolitan area, where wages are higher because the cost of living is higher. The plan, according to the Manhattan Institute, could mean:

* A family making $250,000 will pay an extra an extra $2,100 in taxes

* At the $300,000 level it’s an extra $4,441

* And, if you make $500,000 you’ll pay an extra $7,388

“It’s certainly unfair to New York, but it’s unfair to the entire country. Listen, the economy’s weak. We know that the number one issue is to create jobs. The last thing we want to do is burden those who actually create the jobs,” said Rep. Michael Grimm, R-Staten Island).

“I think it’s about time that people who are making more money pay more in taxes,” added Asbury Park, N.J., resident Terry Reidy.

“I think a lot of the budget talk from the White House is anti-New York and this is just more of it,” said Larry Unger of Great Neck.

The budget sets up a philosophical divide between Democrats and Republicans that probably won’t be resolved until after the November elections, if then.

Democratic Sen. Charles Schumer said that one plus for New York is that we’ll get an additional $420 million in Homeland Security aid.

Please offer your thoughts in the comments section below. …

  • Vernon Hell

    Rich pigs should be happy to pay their rightful share in higher taxes. During the French Revolution they had their heads chopped off. Maybe we should bring that back.

  • Danny

    Sorry Bammie……….You have lied so much, you cannot dig your azz out of this hole……..We are on to U….

  • Joey half A dozen Of NJ

    Michael Grimm is partly right. The problem is those that have the business are not hiring people, not giving anyone a job and if your not putting people to work,then pay your share of tax or start hiring people,and pay them a wage that can support their families. Case closed.

    • The Realist

      Business owners aren’t hiring because, as Republicans, they’re under strict orders from Party to not hire anybody as long as Obama is in office.


        Yes and black people are under strict orders from Obama to sign up for food stamps and not look for work. YOU IDIOT!

  • Proud American

    And “experiment” is code for a Black. Sorry Robert, you may think you are not a racist, but you are.

  • Proud American

    Please, people that make a quarter of a million dollars can afford to pay the same tax rate of the 90’s. When they passed the Bush tax cuts, they were to only offset the surplus, they were never intended to be permanent. We are talking $2100 to offset the cost of 2 unnecessary wars and to help fix this country. A bargain. If you don’t like it move to Canada. Oh that’s right, the top tax rate is 29% making $132k and above.

  • cygon

    democraps always rattle on about the evil millionaires & billionaires and THEN they tax the $250,000’ers. In what universe is 250,000 considered a million? much less a billion???

  • Robert

    We tried but the “experiment” has been a failure. Obama has to go!

blog comments powered by Disqus
Giving Tuesday
Charles Osgood Event

Listen Live