Monday, December 22, 2008

NY: we need more rich folks to soak

From the Associated Press:

ALBANY, N.Y. Gov. David Paterson said Friday that the loss of tax revenue from just six Goldman Sachs' executives will cost New York $178 million.

The executives complied with the urging of New York Attorney General Andrew Cuomo and others who said in November that major Wall Street companies benefiting from federal bailouts shouldn't pay out the usual huge bonuses to executives.
Technically speaking, NY is not soaking the rich: they extract large receipts from high-income residents, not those with high net worth.

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