FAST FIVE: "It's Class Warfare" – Protests, Tax Hikes Create "Hostile Environment" For Wealthy New Yorkers
“It's Class Warfare” – Protests, Tax Hikes Create “Hostile Environment” For Wealthy New Yorkers Richard Ravitch, the former lieutenant governor and elder statesman credited with helping to guide the city through the tumultuous 1970s, claims he has never seen the rich be so thoroughly demonized in New York City, a symbol of American class inequalities.
Income over $5 million would be taxed at 10.3% and income over $25 million would be taxed at 10.9%, the people said of the plan, and the new rates would expire in 2027.
Frederick Peters, chief executive of Warburg Realty – and a scion of the old-money Warburg family – echoes a complaint that is common among the wealthy: that the proposed tax increases are motivated less by fiscal needs than ideological ones.
They should feel like partners.” Some might argue that the wealthy have a lot of nerve to complain about taxes after a year where more than 30K New Yorkers succumbed to COVID (deaths that, as the FT reminds us, were borne disproportionately by the poor).
“If they're feeling like the bad guy, it's because they're making themselves the bad guy by arguing that they shouldn't contribute more to help us recover when they have done extremely well,” he says.