AOC-friendly far-left group pressuring fellow NY Dems to tax the rich even harder
The ongoing political infighting among the Democrats again demonstrates that liberals can never position themselves as left enough to satisfy the aggressive champions of the agenda of the far left. The latest example is apparently being played out in the New York state legislature over raising more taxes in a state that is already overtaxed.
A group aligned with U.S. Rep. Alexandria Ocasio-Cortez has made it clear that an influential, longtime Democrat state senator, Liz Krueger, needs to get rolling on soak-the-rich legislation.
“New York’s left is starting to devour its own as part of a campaign to pressure local Democratic pols to aggressively tax the rich to address the state’s pandemic-fueled fiscal crisis…Krueger, who chairs the state Senate Finance Committee, represents a Manhattan district with more millionaires and billionaires than anywhere in New York — and has fallen down on the job of helping to tax them more, according to a report prepared by the [Democratic Socialists of America] chapter, New York Communities for Change and other lefty groups,” the New York Post reported.
“The leftist coalition acknowledges that Krueger has been a committed liberal during her long political career but complains that she has recently been MIA on its push for more taxes on the wealthy to help the poor.
“The proposals the activists back include: additional tax increases on those earning above $1 million a year; making billionaires pay income tax on their investment gains; a pied-a-terre tax on non-primary residences worth more than $5 million, and stock transfer and buyback taxes.”
Krueger has insisted that she supports “progressive taxation” and that she and her team have various proposals under consideration. With Democrats controlling the legislature in New York, including six newly elected Democratic socialists, as well as the governor’s mansion, a substantial tax hike of some kind is on the horizon.
At the risk of oversimplification, the flaw that tax-and-spend advocates seem to either overlook or tacitly accept is that the wealthy possess the resources to hire lobbyists and lawyers to insert loopholes and carve-outs into any revenue-related legislation, to set up elaborate tax shelters to, in the end, shield their money, and if necessary, easily move their residences and their businesses to a low-tax state. That means that the government will ultimately turn to the middle class to cover the shortfall.
As the late Margaret Thatcher, the U.K. prime minister, once said, “the problem with socialism is that sooner or later you run out of everyone else’s money.”