Seems that El Rushbo was correct when he chose to vote with his feet last year and leave New York City.
Back in early 2009, Limbaugh warned that impending tax hikes on New York City residents would crush a top income earner like himself, and cited these taxes as the reason why he was leaving NYC for good. Now there’s even more proof that’s true. According to a recent study by the Tax Foundation, if Obama’s tax plan is adopted by Congress, “state, local and federal levies would result in a top 50.8 percent rate on high-income New York City residents”.
That’s half of your money– not yours anymore.
The rest of the article is a worthwhile read regarding the impact of Obama’s plan on taxes, deductions, and exemptions in different tax brackets. As a practicing NYC CPA, whose clientele is composed of many of these highest income earners, the news is grim indeed.