The high price of ‘milking the rich’

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 fiscaldream, 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 lessdependent 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.

De Blasio’s plan has pushed him to frontrunner status in the Democratic primary.

But many voters don’t realize: We already spend $24.6 billion a year on education — 52.7 percent more, adjusted for inflation, than we did when Mayor Bloomberg took office nearly 12 years ago.

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