Whatever the true budget is, it hardly consist only of income tax revenue. There must be hundreds of revenue streams, from parking tickets to sales tax to however many permits are needed to build or do something to federal grants and on and on and on.
Yes, but apparently 1% of the public is supporting 90% of the government.
1/4 to 1/2 leave, and collapse happens for sure.
You’re talking about 24-42k of the right taxpayers, and you have no essential services. Laffer Curve, tax rate beyond a certain point drives taxpayers away or into hiding, or both. This results in catastrophic tax revenue decrease.
NYC is about to test the Laffer curve, which Democrats and Socialist believe doesn’t exist. Like math and gravity, Laffer curve just is, and it doesn’t care what you believe.