Jets owner could take big hit

President Barack Obama wants to put in a national healthcare system, and successful people are going to pay for it, so Jets owner Woody Johnson could take a big hit.

According to the New York Post, if the bill passes, Johnson, a New York City resident, will be taxed at an astounding rate of 59 percent.

"New York's top income bracket could reach as high as 59 percent - rates not seen in three decades - to pay for the massive heath coverage proposed by House Democrats this week," wrote Charles Hurt in the New York Post. "The $544 billion tax hike would violate Obama one of Obama ironclad campaign promises: No family will pay higher taxes that they would have paid in the 1990's."

If Johnson has to pay taxes at that rate, it probably would impact how he runs the Jets, and you have to wonder if it will lead to some layoffs.

And while the rich probably should pay the lion's share of the taxes, the problem when you overdue it, is it impacts the "little guy," the people who work for the wealthy. It also impacts the economy because the rich won't spend as much money on things like shopping, restaurants and vacations, and that hurts the workers in those businesses.

That is called "trickle-down economics." Update - Earlier we reported the tax hit would be 57 percent, but it's actually 59.

Green and White Report Top Stories