Posted on 04/08/2021 8:15:36 PM PDT by BenLurkin
New York’s top business leaders are gearing up for a potential mass exodus as Gov. Andrew Cuomo and state lawmakers prepare to raise their taxes.
With the state budget set to increase the personal income tax on the wealthiest New Yorkers as well as hiking corporate taxes, some executives who fled the city for Florida temporarily due to coronavirus pandemic lockdowns are considering permanent relocation, according to business leaders briefed on the matter.
Wealthy business leaders who have historically resisted moving at least some of their resources to Florida or other less-taxed states explained to CNBC that they are now seriously reconsidering as working from home becomes the norm, allowing more flexibility.
Within the more than $200 billion state budget, the top tax rate gets bumped to 9.65% from 8.82% for single filers who make more than $1 million. Those who make between $5 million and $25 million would be taxed at around 10.3% and for those making more than $25 million the rate would be at 10.9%. Wealthy earners are expected to get hit with those new taxes in the next tax season, with the rates expiring in 2027.
(Excerpt) Read more at cnbc.com ...
Why are they still here? I can see Cuomo now begging them to stay this time offering them champagne while he serves them dinner. He will rue the day Wall Street finally says goodbye
That’s what I’m wondering....why are they STILL there?
Heck he’s handing out millions to illegals....(a magnet for illegals to move there)...so I doubt he’s worried about loss of population numbers....he’s been a debtor state anyway and likes it that way.
Those rates will not expire in 2027.
Anyone believing that is truly insane.
Consider the people who are moving there. He put out his sign this week for illegals to come and get the money because it ‘pays’ to be a debtor state, which NY is, rather like welfare states.
Correction: rates never “expire”. That may be the lie that is parroted by the media, but rates only go one direction in blue states, and it’s not down.
That’s OK, they will be completely replaced by the million illegal aliens headed there for their free gifts of $15,000 to $22,000 from the NY government.
NY State is highly unstable.
progressivism and high taxes have driven out a lot of industry and manufacturing. In turn, there is a large, bloated government and education sector. There is long-term high poverty and dependency in NY cities
The state is highly dependent on Wall Street and financial trading, and the taxes upon a relatively few super-wealthy people.
If the 2020 election were not rigged for Biden and his “stimulus” NY would face a severe reckoning.
Having worked remotely for nearly a decade, and havig had to deal with the greedy tax authorities in CA, you are taxed where your employer is domiciled. There is SCOTUS case law on this, so even if you head to Florida, and your employer is on Wall St., you will pay NY taxes.
It’s not only the rich who are leaving the state because of the state’s horrible policies and taxes.
Yes and no.
If you open a branch office then the business is taxed, not you its EE. And then the tax is only that part which can be directly attributed to the home state.
And capital, being mobile, can be used to make the NY office the branch.
If I, as a very small business can do these things, someone with great wealth can easily do them.
“with the rates expiring in 2027”
Chortle snort ROTFLMAO!
Stick it to them. Nearly all of them voted for them.
I escaped years ago. It is one of the best decisions I ever made.
Exactly!
If the putative justification for this hefty tax increase were to disappear, the Powers That Be can simply pull a new one out of their *sses.
"Oh, look! Someone has the sniffles! We've got to impose lock-downs and levy higher taxes!"
"Oh, look! 'Whiteness' is (still) oppressing POX (that's the gender-neutral / plural form of POC)! We've got to boost taxes!"
Regards,
One question: Do those greenbacks you are talking about possess real, intrinsic value?
Regards,
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