De Blasio's Extreme Tax Plan Is Either A Political Stunt Or A Recipe To Ruin NYC, Experts Say
NEW YORK (CBSNewYork) – Mayor de Blasio's radical new tax plan isn't even a day-old and is already receiving intense blowback.
It's being dismissed as both a desperate political stunt to stay in the presidential race and something that could decimate New York City's economy.
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"We will tax the hell out of the wealthy," de Blasio declared Wednesday night.
The mixed nuts Bill de Blasio ate to prepare for the presidential debate may have gone to his head – because the radical tax plan he now wants to impose on the United States has many people asking "are you nuts?" and "do you know what it would do to the city you lead?"
"This plan is not just a tax on the ultra-wealthy, not just a tax on the wealthy, but a tax on the middle class… It's extreme," Timothy Ghriskey, the chief investment strategist for Inverness Counsel said.
The mayor of a city supported by Wall Street, the real estate industry, the tech industry, and the American dream is – according to experts – trying to dim the light on Lady Liberty's torch by redistributing everyone's money.
De Blasio's radical plan would impose:
- $10 trillion in new taxes
- A recurring wealth tax on assets
- New taxes on Wall Street stock trades
- Estate taxes on everything over $1 million
- A "turncoat" tax if anyone decides to renounce their citizenship to avoid paying de Blasio's taxes
Experts say the new asset tax would decimate the real estate industry. People would be loath to buy pricey apartments if they had to pay another tax in top of the real estate tax. Building owners might be forced to sell.
"There's an old saying in the real estate industry, what causes sales often times it's death and taxes," Dan Geiger of Crain's said.
The estate tax would hurt the middle class too.
"They've saved all their lives, they're living in a house that may be worth more than a million dollars… but when they pass, their heirs are going to be saddled with this big tax," Timothy Ghriskey explained.
Some are also calling it a political gimmick to get enough support just to stay in the game.
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"This was really a Hail Mary pass to get the two percent so Bill de Blasio can get to the next debate stage," political consultant Bill O'Reilly said.
"Mayor de Blasio's tax pan cannot be taken seriously because he doesn't know how to manage anything," New Yorker John Grasso added.
"We're talking about an overall managerial experience with this mayor and it's been an been a grade F."
"We're already taxed enough in this city," Peter Sonzogni said.
"I don't want to pay more taxes. New York is expensive enough as it is," Jennifer Tarazzini told CBS2's Marcia Kramer.
Bill O'Reilly told CBS2 that de Blasio wanting to slap more taxes on Wall Street and the real estate industry would be like Vermont Sen. Bernie Sanders seeking to tax maple syrup and Massachusetts Sen. Elizabeth Warren trying to tax the Red Sox.
