LET THEM FREAK
The New York Post is reporting that New Yorkers are starting to realize the gravity they’ll feel if we go over the fiscal cliff. Good. Let them feel it. Let them freak. Elections have consequences.
Folks freak at size of tax hikes if fiscal cliff isn’t averted in the coming days
They’re ready to jump off a real cliff.
New Yorkers of all income levels got a rude awakening yesterday when they saw in The Post how much more they will pay in taxes next year without a fiscal-cliff deal by Jan. 1.
“It’s that much higher?” asked IT worker Vikas Kataria, 34, who discovered that his combined household income of about $250,000 per year will cost him nearly $10,000 more in taxes.
“I thought it was a couple thousand — but that’s a lot,” said Kataria, who works at Merrill Lynch in Manhattan and is married to a systems analyst for a brokerage firm. “That’s huge!”
With higher taxes, the couple would have to cut out on traveling and family vacations.
Clothing designer Peter Opie, of Canary Wharf Clothier, made about $2 million this year — and would see his tax bill spike by a staggering $100,000.
“The system is nuts here — it’s madness personified!” he said
“We were impacted massively by the hurricane — and now there is this,” said Opie. “You work your butt off and you end up with next to nothing.”
Small-business owner Haim Hagon, 51, said it’ll be tough to afford college for his two high-school-aged children.
“Every dollar counts when the situation is tough,” said Hagon, who makes about $150,000 and already moved his son from a private school to a public school due to financial concerns.
“Another $6,000 could have gone to my daughter’s tuition. I’ll have to find that money another way.”