Thread: New York Gov. David Paterson: Tax the Rich Failing Badly

NY Governor: Tax the Rich Failing Badly

Friday, October 9, 2009 12:18 PM

By: Gene J. Koprowski

New York Gov. David Paterson observes that revenue from tax increases is running at least 20 percent below government projections and that the wealthy, as a group, were not paying more taxes there.

Thus far, New York had only collected about half of an expected $1 billion in income tax revenues from the state's wealthiest residents, reports Investor’s Business Daily.

"You heard the mantra, 'Tax the rich, tax the rich,'" Paterson opines. "We've done that. We've probably lost jobs and driven people out of the state."

Paterson is something of an accidental governor, having replaced Elliott Spitzer after his sex scandal drove him from office. Observers note Paterson quickly got rolled over by the big-spending wing of his own party.

The state legislature passed a budget for this year with $6.1 billion in projected new taxes and fees. The budget deal was sealed with steeper rates for folks earning more than $200,000 a year, but curiously called a “millionaire’s tax.â€

"You heard the mantra, 'Tax the rich, tax the rich,'" Paterson opines. "We've done that. We've probably lost jobs and driven people out of the state."

Wow! interesting