Hump day

New York:

Mr. Cuomo is also tossing out the most desirable part of New York’s tax code, which is its relative flatness, with a top income tax rate that would have been 6.85% next year (after the previous surcharge expires). The new code will include a “progressive” ladder: 6.45% for couples earning between $40,000 and $150,000, 6.65% from $150,000 to $300,000, 6.85% from $300,000 to $2 million, and 8.82% above $2 million ($1 million for individuals).


And speaking of California, Governor Jerry Brown announced Monday that he’ll put a huge new tax increase on the ballot for voter approval next November. The income tax rate would rise by one percentage point to 10.3% for individuals making between $250,000 and $300,000, to 10.8% for those up to $500,000, and two percentage points to 11.3% for anyone making more than $500,000. All retroactive to Jan. 1, 2012.

Lest you think Mr. Brown and Democrats let the middle-class off the hook, he also wants to raise the state sales tax by half a penny on the dollar to 7.75%.

11.3%? I’d move out of the state.

Meanwhile, Obama took his class warfare rhetoric up to eleven yesterday in Kansas.

Too many children can no longer expect to join the middle class, the president said, no matter if they work hard and play by the rules. “That’s inexcusable. It’s wrong. It flies in the face of everything we stand for,” he said in a speech at a Kansas high school.
Referring to Republicans, Mr. Obama said, “they want to go back to the same policies that stacked the deck against middle-class Americans for way too many years. And their philosophy is simple: We are better off when everybody is left to fend for themselves and play by their own rules. I am here to say they are wrong.”

What is this guy smoking? And this is particularly telling:

But for most Americans, the basic bargain that made this country great has eroded. Long before the recession hit, hard work stopped paying off for too many people. Fewer and fewer of the folks who contributed to the success of our economy actually benefited from that success. Those at the very top grew wealthier from their incomes and their investments — wealthier than ever before. But everybody else struggled with costs that were growing and paychecks that weren’t — and too many families found themselves racking up more and more debt just to keep up.

Now, for many years, credit cards and home equity loans papered over this harsh reality. But in 2008, the house of cards collapsed. We all know the story by now:Mortgages sold to people who couldn’t afford them, or even sometimes understand them.

Now, this assumes that the listener doesn’t understand how and why that “house of cards” collapsed. And, it also informs you of the superiority of Obama, and his city of technocrats.

Banks and investors allowed to keep packaging the risk and selling it off. Huge bets — and huge bonuses — made with other people’s money on the line. Regulators who were supposed to warn us about the dangers of all this, but looked the other way or didn’t have the authority to look at all.

Fanny and Freddy anyone?

Now, fortunately, that’s not a future that we have to accept, because there’s another view about how we build a strong middle class in this country — a view that’s truer to our history, a vision that’s been embraced in the past by people of both parties for more than 200 years.

It’s not a view that we should somehow turn back technology or put up walls around America. It’s not a view that says we should punish profit or success or pretend that government knows how to fix all of society’s problems. It is a view that says in America we are greater together — when everyone engages in fair play and everybody gets a fair shot and everybody does their fair share. (Applause.)

Fair play, fair shot, and fair share. The only thing that isn’t “fair” in our society is the connection between big business and government. The intermingling between D.C. and Capitalism. The manner in which politicians enrich and protect the political class, diverting attention with this class warfare bullshit, is ruining our country.

IT is OBSCENE that people -the “rich”- are being asked to pay 50% of their income to support these Royal technocrats who use OUR money to buy votes to keep them in largess.

We have an American Royalty, you see. Chelsea Clinton for example.

Pegged to Clinton’s accession to NBC in the role of television journalist, the story tells a tale of entitlement and charmed existence — no, that’s not extreme enough. It chronicles American royalty.

Political connections are all you need to succeed in American.

Today’s must read, David Harsanyi reacts to Obama’s “Teddy Roosevelt” speech:

In his speech in Osawatomie, Kan., Obama dropped almost all pretenses and made the progressive case against an American free market system, which he called “a simple theory … one that speaks to our rugged individualism and our healthy skepticism of too much government. … And that theory fits well on a bumper sticker. But here’s the problem: It doesn’t work.”

Capitalism doesn’t work. Got it. Regardless …

A few days ago, Obama hosted a $38,000-a-plate fundraiser for wealthy Manhattanites. The president — with the Democratic National Committee — has hauled in more cash from rent-seeking financial-sector companies than all Republican candidates combined. This president has supported every big-business bailout with taxpayers’ money, even though he claims they shouldn’t be on the “hook for Wall Street’s mistakes.”

The mind wobbles.

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