Get ready, all you “millionaires and billionaires” with kids in college and taxes to pay on your homes in and around New York City.
It doesn’t matter that you bring home just $250,000 a year and have a family of four or more. President Obama thinks you’re part of the evil 1 percent and you should pay higher taxes — a lot higher.
That’s the unfortunate reality for many New Yorkers, no matter what happens during the fiscal-cliff negotiations designed to avert taxes going up on everyone, regardless of income, if a deal isn’t reached sometime soon. Those talks have stalled, and many economists are predicting economic Armageddon unless a deal is reached that prevents massive across-the-board tax increases and budget cuts targeted at slashing the defense budget.
Going over the cliff sure won’t be pretty. Even for families earning as little as $50,000 a year, income taxes are to rise from a 13 percent rate to 17 percent — an estimated increased federal income-tax burden of more than $2,000 a year if there’s no cliff deal, according to the Tax Foundation. Of course, the more you make, the more you will pay. All those “billionaire” families living out on Long Island and earning $250,000 a year will pay $9,730 more, while real millionaires who earn $1 million a year will pay $50,267 more in federal income taxes.
What’s so frightening about these numbers is that they don’t take into account all the other taxes President Obama has in store for the country, including those to pay for his ObamaCare mandates, or even state taxes that are sure to drag an economy still fighting to recover from the Great Recession.