AOC tax increase for ‘top 5%’ would include New York households earning $250K and up

U.S. Rep. Alexandria Ocasio-Cortez (D-NY) has redefined what “rich” means and is now joining socialists in calling for New York to raise taxes on households making $250,000 or more.

The congresswoman is calling for higher taxes on the top 5% in New York. That translates into married couples making $127,000 each, which is middle class in the Empire State, one of the most expensive states to live in within the United States. Ocasio-Cortez has shifted from the wealthy 1% to suburbia in the blink of an eye.

Ocasio-Cortez signed a statement sent out in September by the New York City Democratic Socialists, calling on the city and state to “fund resources for all New Yorkers” by jacking up taxes on the top 5 percent of income earners. She was one of 20 elected officials from New York to sign the statement. State Senators Julia Salazar, Jabari Brisport, and Kristen Gonzalez also put their John Hancocks on it.

The Wall Street Journal came out with an analysis on Monday by Tim Hoefer, the CEO of the conservative think tank Empire Center for Public Policy, which accused the radical Squad member of attempting to redefine the term “rich.”

“Considering the left’s prior focus on ‘the 1 percent,’ this is a major development,” Hoefer asserted.

“The top 1% of New Yorkers begins just south of $1 million in adjusted gross income. But the top 5% begins a little above $250,000—translating into married couples making $127,000 each,” he wrote.

That number includes many government workers, teachers, school administrators, and first responders according to The Wall Street Journal.

“More than 168,000 New York state and local government employees were paid more than $127,000 last year. Forty-five New York school districts paid most of their teachers and administrators at least that much, and about 70 police or fire departments had mean pay above that line,” Hoefer noted.

“The move from targeting the top 1 percent to the top 5 percent is a recognition that the socialist program, to borrow from Margaret Thatcher, risks running out of other people’s money,” Hoefer contended.

The Democratic Socialist statement hammered Governor Kathy Hochul and Mayor Eric Adams, who are both Democrats, accusing them of plotting “to cut social services and maintain the profits of their wealthy donors.”

It blasted “violent budget cuts” and demanded “full funding of schools, higher education, and healthcare.”

“The vast majority of us have felt the strain of rising prices from the grocery aisle to the housing market,” the AOC-allied Democratic Socialists of America said in the Sept. 18 press release. “Meanwhile, the richest New Yorkers have grown their wealth since the pandemic, and it’s past time they pay their fair share.”

“Along with real housing solutions, socialists in office have been fighting for full funding of schools, higher education, and healthcare. We can pay for these public services by raising taxes on the top 5% of New Yorkers,” the statement said.

New York State already has one of the highest marginal state income taxes in the nation. It is causing the wealthy to flee to redder states that don’t gouge them.

“The current progressive tax rate is 6% for taxable income for households earning more than $161,550 to $323,200 and 6.85% for income greater than $323,200 and under $2,155,350,” the New York Post reported.

“A new 7.5% income rate would be imposed on income starting at $250,000 for households,” Hoefer said in the Wall Street Journal.

“The rate would jump from 6.85% to 10% for household incomes between $1 million and $2 million, according to the DSA-backed legislation sponsored by Assemblyman Demond Meeks (D-Rochester) and Sen. Robert Jackson (D-Manhattan),” the New York Post noted.

“The wealthiest New York households whose income exceeds $20 million would see their income tax rate skyrocket from 10.9% to 24%, according to the bill championed by the DSA,” the media outlet continued. “New York City already has the highest combined state-city income tax rate in the country for the highest earners — 14.77%.”

Upgraded Points released an analysis last week that found New York lost the largest percentage of millennials who earned more than $200,000 in 2021.

The study also found that New York’s population of wealthy millennials shrank by 27,191, which is a decline of 4.6 percent, effectively wiping out $8.3 billion from the state’s tax base.

Other Democrat-led states with the largest decrease in wealthy millennial population included Illinois at -2.6 percent and California at -2.3 percent.

Among the states with the greatest increase in wealthy millennial population was Vermont at 8.5 percent, followed by Idaho at 7.4 percent, and Montana at 6.7 percent.


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