City asks IRS for names of UBS tax evaders - NYPOST.com.
$6.8 billion times 10% is $680 million. Divided by 100 filers is $6.8 million each.
I wonder how much of that is in wages, and how much of it is in capital gains, and how much is ultimately from rent on urban land.
The article continues:
Let me be clear: I'm not a fan of income taxes. I think we ought to be relying largely on taxes on urban land value and on natural resources and all those things which the classical economists would recognize as "land." But for as long as we continue to utilize income taxes, they ought to be consistently applied.
"But it's hardly a secret that the city has a concentration of
superwealthy residents. Mayor Bloomberg has repeatedly said that only
100 filers pay 10 percent of the city's $6.8 billion in income-tax
revenues."
$6.8 billion times 10% is $680 million. Divided by 100 filers is $6.8 million each.
I wonder how much of that is in wages, and how much of it is in capital gains, and how much is ultimately from rent on urban land.
The article continues:
"I'm making the assumption a disproportionate number are from here," Frankel said.
He added that the city would decide on a case-by-case basis whether to forgive interest and penalties, which are likely to be substantial.
"Presumably, they haven't paid taxes for some period of time," he said.
Hardship cases? Why on earth should we-the-people forgive interest and penalties? What sort of case can those who turn out to have underreported their income make that they don't owe interest or penalties?He added that the city would decide on a case-by-case basis whether to forgive interest and penalties, which are likely to be substantial.
"Presumably, they haven't paid taxes for some period of time," he said.
Let me be clear: I'm not a fan of income taxes. I think we ought to be relying largely on taxes on urban land value and on natural resources and all those things which the classical economists would recognize as "land." But for as long as we continue to utilize income taxes, they ought to be consistently applied.
Comments