New York – During an interview on ABC’s This Week today, New York City Mayor Michael Bloomberg said that Republican demands that a deal to raise the debt ceiling include only spending cuts and no tax increases are unrealistic. To bolster his case, he noted that America is already “very low-tax compared to other developed countries”:
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It is also true, incidentally, that America is very low-tax compared to other developed countries. So nobody likes to pay taxes, everybody says ‘my taxes are too damn high,’ and they’re right, except that if we want services and the services we want — we want to protect democracy, you have to have men and women who are willing able to go overseas and able to be supplied…I pay my taxes and I get pretty good value for my taxes. I live in the greatest democracy in the world.
It’s true that America is a very low-tax country. Revenues are currently at a 60 year low, and “total revenue as a share of gross domestic product has now been under 15 percent for three straight years — the first time that has happened since before World War II.” Revenue in the U.S. is 25 percent below the OECD average, while U.S. corporations are taxed significantly less than their foreign rivals.
Why doesn’t he understand that, that’s the reason america is so great in innovation, and any great business idea is developed or financed in the US of A.
There is motivation to work, knowing that you will be rewarded, should they raise the taxes on individuals or corporations, it will have an effect on america being the leader in the businessword
” America is very low-tax compared to other developed countries”
HUH??!! is he for REAL..seems like he doesn’t have the slightest clue on what he does or does not pays taxes…Yes, one thing America does best is hide the rrue amount of ALL taxes a typical mid-class individual ends up paying. Whereas, other countries are straight-forward.
1. a typical mid-class New Yorker who pays federal tax at the rate of 35%, still pays Individual State Tax (7-8%) +Local Tax (Note, and if you are an LLC/S Corp. in NY you are slapped with a double taxation) which averages to aprox 11-12%. Then don’t forget — you pay 7.6 Social Security Tax and if you are ‘self employed’ its 15.3%,
And if you own property you pay Property Tax, Water and Sewer Tax, etc and don’t forget to add the 8% Sales Tax on whatever items you buy, plus all the tolls of the MTA, Plus Tax on ALL your utilities (yes, just check out your phone bill how many surcharges go for tax/local tax etc)
Note: These are only what I manged to count on the spur of the moment – there are many others.
(Oh, and not to forget all the hefty fines Bloomy manages to impose…)
Hmm can anyone name any other country that totals to more?
Please try to compare apples to apples.
many European Countries have higher taxes but these include full health insurance, for one. While those with low incomes have a pretty solid insurance to fall back on this is based on needs. taxes do not provide health insurance for Americans below 65 and even over 65 there are fees.
That is all this ruthless mayor knows is TAX people to death and then some, he is relentless. This filthy rich individual that bought himself a third term as mayor, is so out of touch with the average citizen of this city he reigns over, it’s pathtic how we re-elected him.
He spends our money to make NY look like Europe: Islands, Plazas, Cafe’s, Bicyle lanes, Vehicle restricted areas etc. If he loves Europr so much let him move there the sooner the better, I want to live in NY as we new it for the last 100 years, If I wanted to live in Europe I’d go there.
“U.S. corporations are taxed significantly less than their foreign rivals”
This is not true; US Corporate tax rates are as high as those of any developed country.
He is misleading an average person, he is pointing to IRS tax rate which could be at 25% for low and middle income, don’t forget the 15% self employment, NYS income tax (no tax credits there like IRS) and NYC 6% corp tax if you are a small business owner with S corp. So you end up paying more than 50% on your income. Now this is without property tax, city water, energy, oh the parking fines which are mandatory fines IF you drive often.
What we don’t pay in taxes we make up in ‘fees’. Higher fees to register you car or get a license, higher fees on bridges and tunnels and other roadways, etc. The average citizen doesn’t make enough to hide behind all those tax shelters, Mayor Bloomberg has long forgotten those days.
Bloomberg is proving once again that he is an arrogant fool. Does he really think the people of New York are so dumb? Why does he fail to state all the social programs and wastful spending that goes on in the government? He says that the U.S has the lowest taxes compared to other developed countries is this a bad thing that we should change?! If we want the U.S. to remain the most productive economy in the world we must vote Bloomberg and others like him out of office!
Tax people to death? And what will we bury them in, their corporate jets?
So our former republican mayor say we should be more like higher taxed European countries. Like Spain, italy greece etc. That are falling apart at the seems? Which service did we ask for….giving free condems out or needles or free abortions? Or teachers that don’t teach our kids to read or write but do teach that America is what’s wrong with the world? So which services do we demand fire police hospitals? The rest can safely be cut instead of raising taxes. MR. MAYOR.
Compare to Belgium. Social security is almost 45% in total (most is paid by employer but it definitely effects the net income as it is significantly lower because the high tax, so indirectly the employee is the 1 paying the price) and 22% for self employed. tax rate corporations 34% (to be exact 33.99%) and personal income tax a whopping 50% from only 50000 € (plus 6-8% on total local tax) . To top it 6% on food items (yeah bread milk etc) and 21% on everything else.
So you complain about 9% sales tax only on non food items?? 7-15% social security tax etc etc.?.?.?. I am not an advocate of high taxes but just know that America is a very low tax country compared to the world (of today in Egypt the Torah branded the Egyptians slaves of Paraoh for paying 20%).
To Mr Bloomberg “you are a cheat and a fraud”. You joined and ran as a republican when you are as liberal as one can be and now you say that you are an advocate of high taxes and socialism??????? So what did you ever have in common with the gop. You should of ran as independent. SHAME ON YOU…… second point who let you earn all the billions that you have? Perhaps donate it all to the government to hand out as welfare!!!!!
Bloomberg is right. On a relative basis and after adjustments for various kinds of transfer payments, are taxes are very low. We could afford to pay slightly higher taxes to help reduce the deficit. If they don’t want to raise taxes, than lets stop handing out all sorts of grants, subsidies and welfare payments.
I just paid $13 to go over the Verazano Bridge, I repeat $13, does this make sense? and the Mayor wants to raise taxes?
Mr. Mayor how about the millioner tax? Why are you against that? we the main street people don’t have another penny to shell out.
I think its about time all the people earning between $50k – $100k should stop working and go on soicial services and then lets see what Mr. rich guy has to say about taxes.
Imagine, the goverment pays for food, doctor, rent, free tution, after school care, and to top it off welfare where you get cash so you can take vacation. Oh I forgot lets get into NYCHA housing and we don’t pay utilities.
Let’s see – I can listen to Bloomberg, a billionaire who created one of the world’s great financial institutions, or the people on this site. Tough choice.
Please explain to me why Buffalo hospitals are full of Canadians but it is not vice versa. Socialized medicine is only good if you don’t get sick – it is great for the usual ear infections etc. We have an elderly cousin in Toronto who is currently here in Sloan paying out of pocket because there they won’t treat you if you are too old or don’t have a great chance to recover.
Socialized medicine is not worth the higher taxes!
the reason Mr Bloomberg stated that we need tax increases is to pay for the”services” we want.what about services we do not want like 40 million that the city is contributing to the Aquarium for a new Facade.or all the money spent on bike lanes.Much of what is spent is also wasted by a lack of oversight.People would understand tax increases if the city spent wisely and carefully!
While I am certainly not advocating for raising taxes, as I am a truly Conservative, capitalist pig after all, I cannot help but put things in perspective.
Our most prosperous times during the last 100 years were when taxes were much higher than they are now. Reagan cut taxes dramatically, but we began seeing a decline. Reagan himself, along with Bush 41 and Clinton made some tax increases which balanced the budgets and helped fund new innovations for us (like the Internet). Reagan’s model was followed by his 2 successors.
It wasn’t until Bush 43 took office and demaded un-funded tax cuts that we saw these massive declines. While Obama has done practically nothing to improve the situation, one could argue that there is only one solution. There is a number that needs to be met. When it is met, we have prosperity. If not, we have deficits and borrowing, which leads to a weaker economy.
I’m a well-off guy. Most of my friends are well-off. Some are even multi-millionaires. NONE of them are putting ANY extra money from tax-breaks back into their businesses. It goes in their kids’ trust funds.
I’m not saying raise taxes, but lets at least look at the FACTS, not DOGMA.