Tuesday, August 08, 2017
The mayor of New York wants to impose a tax on the wealthy ($500,000 and up in annual income) in order to pay for subway improvements and to subsidize low-income riders. There are an estimated 32,000 individuals who would fall into this category, Predictably, lower and middle class riders favor such an approach. It isn't money out of their pockets. The wealthy have yet to be heard from but they have options, including leaving the city. This crude kind of class warfare is part of a liberal approach to legislation. Income redistribution is at the heart of the message. It is dangerous for the mayor to play with this kind of fire. He is up for re-election and he needs the money of the wealthy to pay for campaigning. The mayor is right that the rich should pay more, but they already are. It is a question of balance. How much more should they give? There is no right answer. It is what voters permit ultimately. The mayor is playing to the masses, and he just might win.