The Trunk

Although it's early in the process, it seems that the Democratic led Congress is going to levy taxes against those who make more than $250K to pay for the nation's healthcare reform bill.  Early reports state that those making between $250K and $500K will pay a 1% federal surcharge, those making $500k to $1million to pay 1.5% and for those making more than $1million a shocking 5.4% surcharge.  These tax increases are on top of the already rapidly increasing rates of taxation at the federal level.

This will be the end of this legislation - as the Senate has no intention of passing such an increase in federal taxes against the average American entrepreneur, which are those who are in the income group being listed above.

The GOP needs to get back to the principles of small government and individual liberty to capitalize on the policy errors being made in D.C. by the Left...

The Roller Coaster on Wall Street continues.  Here is CNBC's wrap up.

NY Post

Teachers get bonus pay based on "merit"...

Battle in Coney Island heats up between developer and City Hall...

Sen. Biden says tax hikes are patriotic...and the Post's Opinion section calls him out on that point.

NY Sun

Short selling on Wall Street is banned...

Patterson gets a bump from his efforts on Wall Street crisis...

Palin's invitation to UN rally is recinded...

Larry Kudlow writes piece on short selling the Nation...

The Posts's Fred Dicker has an "exclusive" today on forthcoming poll results that show the race is actually tightening in New York State, largely attributed to New York women supporting Sarah Palin.  Says one 'prominent Democrat': "If it winds up being tight in New York, that means McCain wins the election nationally."  While the News' Elizabeth Benjamin reports that McCain is within 5 points in the Empire State.

State Senator Martin Connor has begun cleaning out his office after losing the Dem primary to 28-year old Daniel Squadron last week.

City Council term limit backers David Weprin and Bill de Blasio won't rule out running again if the ban is lifted.

Someone has confirmed that Vito is looking at a comeback.  Although Vito denies it.

Senate bill would uncover non-government earnings by electeds in response to the Semenario indictments.

The Post has an exclusive on yet another "power trip"by Charlie Rangel, this time in accepting luxury Caribbean trips paid for by lobbyists.  The Virginia-based National Legal and Policy Center is demanding an investigation.

The Seminerio investigation has expanded into the payment of millions of dollars to top MediSys executives.

The Post follows the 5 Beeps for a week to see just what they do for their $160,000 salarys.  Meanwhile the Daily News' Adam Lisberg says the Council is waiting to follow Hizzoner's lead on term limits which makes for great dinner time conversations amongst the Vallone family.

More after the break...