Why? Isn’t this what they want? Aren’t high taxes preferable for Democrats, who are the predominant voters in New York City? This is what they vote for. This is what the politicians they vote for want. Why are they leaving when they’re getting what they want?
New York City facing exodus after officials hike taxes to plug Covid-19 shortfall
New York is bracing for an exodus of its wealthiest residents after officials passed a budget that will see them pay the US’s highest tax rate, as they desperately seek to boost their Covid-hit economy.
Under the new rate, which is expected to soon be rubber-stamped by Governor Andrew Cuomo, the city’s top earners could pay up to 14.8 per cent tax – a combined federal, state, and city tax which could reach 52 per cent.
The move sees the state overtake California, which has the current highest combined tax rate for top earners in the US, and much of Europe.
Business leaders and CEOs this week warned that the increase is likely to backfire by driving away the very people and companies the city relies on for its revenue.
“Bell Tolls for NYC: Quality of life plummets, taxes rocket – and city faces uncertain futureâ€, read the headline on the front page of the New York Post tabloid on Wednesday.
Ah, so the focus may be on NYC, but, it’s actually all of the state of New York. When went for China Joe 60.9% to 37.7% Trump, so, aren’t the people who want higher taxes? Including so many of the wealthiest residents, who constantly Virtue Signal and say things like “I want my taxes raised”?
A recent study showed that at least 20 per cent of banks and financial services firms have thought about relocating workers to other locations outside of New York. Dozens already have.
It’s a good example as to why this whole “tax the rich (because government is incompetent with the money they already take)” doesn’t work. Because they simply leave. And take jobs with them. And take fundraiser money for politicians with them. And instead of some tax money, NY and NYC get none.
The wealthiest two per cent of New Yorkers contribute half of the city’s revenue. However, many of them fled at the start of the pandemic.
New York was the number one state for population loss in the US last year, according to Census Bureau data. More than 300,000 New York City households in higher-income neighbourhoods filed change-of-address forms, resulting in the largest decline in property tax receipts in nearly 25 years.
The other problem here is that many of these people bring their moonbattery with them, and often advocate for the same policies, including high taxation and policies that require raising taxes, to the Red areas.
“Then wealthiest 2 percent of NY taxpayers contribute half of the city’s revenue…†And yet we still have liberal clowns chanting their mantra “tax cuts for the richâ€, all the while ignoring that the US, like the city, have incredibly progressive tax systems in place. The U.S. is comparable to NYC in that the top 1% pay around 35-40% of all income taxes. Liberals small math brains are then shocked, just shocked, when a 2% cut of an extremely large number yields……a larger number than a 2% cut of a smaller number.
I have evolved over the years. As you know I have a BS in Economics however since I left school the basic principles have changed so much I hardly recognize it. Just as an example according to what I was taught the crazy amounts of “Quantitive Easing” and “Emergency Spending” in the trillions should have caused incredible inflation. Yes, I know inflation is growing but we should be in Weimar Republic territory and we’re not. Yet.
I was also taught we can have open immigration (which they were wrong about) but not if we have a welfare state. Seems we are doing both. Now, just because the Junta is doing this stuff and nothing has collapsed so far does not mean it won’t crash in the future. If fact if Xiden keeps on going it’s a guarantee we’ll crash and burn. I am just surprised he got this far without fiscal repercussions. Oh, also I was taught the government needs an annual budget. Hello, hello Bueller?
The government no longer bothers to “print” money other than what is required for physical circulation among us plebes. They just push a button and Voila! Money appears wherever the feds want or need it. It’s electronic, ya know? sarc/
So far the senile Junta has broken everything it’s touched from the border to the Middle East and from the Wuhan/Xiden Flu to voting security. All Xiden does is lie every time he opens his shit filled ugly commie lovin mouth.
Kye,
I am with you. I can’t understand the fubar in which we are caught. I think that the rest of the world is so much worse than us that the absolutely ridiculous principals that our great leaders have in place have none of the destructive power as in the past. The major factor reducing inflation is likely the fact that business is so bad that the labor pool is high and thus the cost of labor kept low. But don’t worry, the liberals will figure out some method of harming us.