Nadler and Serrano on Taxing Rich People

Michael Bloomberg went to Washington D.C. yesterday warning against over-regulating and taxing Wall Street, which he said would have a disproportionately impact New York City.

This morning, he repeated his warning during a press conference in the Bronx about waterfront development. Also there were Rep. Jerry Nadler and Rep. Jose Serrano, who later told reporters they support “progressive” taxation, which isn’t exactly the same as taxing Wall Street, they said.

“It’s not a question of bonuses. We believe in a progressive tax system,” said Nadler. “There are people who are making a $1 million who should be paying more in taxes, proportionately, than people making $20,000.”

“If New York happens to have a higher percentage of people making a million dollars than some place else, there’s nothing wrong with saying those people are going to be taxed that way. And it is wrong to say, ‘Well, this is hurting New York.’ It’s not hurting New York. We are lucky we have more rich people but we have to tax rich people more heavily than not-so-rich people.”