The high price of ‘Milking the rich’

Mayoral candidate Bill de Blasio has a tax plan that rivals call a political “fantasy.” It’s a fiscal dream, too. If de Blasio, the city’s elected public advocate, thinks New York can hike taxes on the rich and not suffer for it, he didn’t learn much from the 2008 crash. Gotham must become less dependent on the “top 1 percent” to be able to provide services to everyone in a downturn, not more.
De Blasio’s scheme is this: Hike income taxes by 13.8 percent on New Yorkers making above half a million dollars annually.
He’d use this bounty — $530 million a year — to pay for 38,177 pre-kindergarten students to go to school all day instead a half-day. He’d create 10,000 new pre-K slots, too.

The rest, $188 million, he’d spend on older kids’ after-school activities. After five years, de Blasio would let this tax surcharge lapse, and — he says — find another way to pay.

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