Two years before Occupy Wall Street’s band of radical grad students set up their tents and cardboard signs in Zuccotti Park, Mayor Bloomberg warned the City Council against frivolous tax hikes. “One percent of the households that file in this city pay something like 50% of the taxes. In the city, that’s something like 40,000 people. If a handful left, any raise would make it revenue neutral.”
And then the 1 percent became the target of the left’s answer to the Tea Party. It wasn’t unusual to see bus riders wearing “We Are the 99%” buttons the way they had once carried I Heart New York bags.
New York City now has a radical leftist in Gracie Mansion, Bill de Blasio, a radical leftist City Council speaker, Melissa Mark-Viverito, and a radical leftist public advocate, Letitia James. The city is now run by the Working Families Party/ACORN and tax hikes will be used to finance generous payoffs to unions.
But the unions who rigged this election may never see those payoffs. New York City’s unfunded pensions are estimated as being as high as $136 billion. The crash may only be four years away.
The top 1 percent pay half the income taxes in the city and the top 10 percent pay 71 percent. Drive them away with tax hikes for municipal union goodies and the unions will have as much trouble collecting even basic benefits from New York as they do from Detroit.
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