Posted on 12/12/2022 4:44:23 AM PST by Oldeconomybuyer
A new city analysis shows that a huge chunk of high-income earners fled in 2020. Yet progressives refuse to hear the alarm bell: They’re pushing to “tax the rich” yet again instead.
The study by the city’s Independent Budget Office shows a 10% plunge in taxpayers who made over $750,000, and 6% of those with incomes between $150,000 and $750,000. These now-former New Yorkers will no longer pay hefty taxes to the city or state, leaving significantly less revenue to fund progressives’ pet projects.
Kathryn Wylde of the Partnership for New York City calls the trend “ominous.”
Clearly, many taxpayers fled to escape New York’s off-the-chart taxes. Yet the radicals who increasingly dominate local politics want to slam those who haven’t left even more: Last Monday, a group of advocates and elected officials launched a campaign for a ludicrous $40 billion in new taxes on the rich.
If lower-income workers are fleeing, it’s not for lack of poorly funded social programs; New York leads the nation in such spending. No, progressive policies that have allowed crime to skyrocket and schools to degrade would deserve much of the blame.
Meanwhile, the top 1% of taxpayers accounted for 45% of the city’s total income-tax liability in 2020; they’re the ones most sensitive to high taxes (the bottom 50% accounted for less than 4%).
The loss of more tax revenue from top earners will only add to the massive budget gaps both the city and state face in coming years, which already threaten cuts to progressives’ beloved programs — and even to core services.
New York needs to stop driving away its tax base before there’s nothing left to bleed.
(Excerpt) Read more at nypost.com ...
Who is John Galt?
Where did he go
Pro Tip for these turbulent times.
Do not tell anyone how much stuff you have
And the steal for hochul just solidifies their defiance
If you have property or earn a good bit and live in California, New Jersey, Illinois, New York, I’d urge you to get out as quickly as possible....unless you’re a leftist in which case you need to stay and keep paying those taxes your fellow travelers love so much.
Narcissistic rage
Sadly even though they see the picture they carry their Politics with them them.
As a New Yorker, I could try to vote them out except at this point my vote doesn’t count.
New yorkers keep voting for people like AOC and Hokul. It reminds me of the definition of insanity. Doing the same thing over and over expecting different results.
Socialism?
It is always a slow death of the City, State and Nation it infects.
Totalitarianism in all Forms is Evil. All Fail.
Freedom Works.
It is TIME to DownSize DC!
Drain the pond on all Socialist “governments”.
Starve it to death.
Better it dead, than the citizens who they wind up killing.
And please, stay away from Texas. Thanks to the millions of refugees from other states, our roads are obsolete the minute after they're completed.
John Galt is leading the exodus from NY to Galt’s Gulch or someplace similar.
Margaret Thatcher could also be quoted here, “the problem with socialism is that you eventually run out of other people’s money”...
I stopped having any kind of residency in NYC 20 years ago and hadn’t been back for years.
Couple of years ago they audited me, trying to make me prove I didn’t live there. When resisted, they attempted to subpoena my bank, who went absolutely ape s—t on NY, as it is a state bank (in my state) and it’s illegal to subpoena records except in a a certain manner. They had the tax agent charged with a crime. Didn’t go anywhere, but they finally went away.
Wait until they get control of the entire country.
As a New Yorker, I could try to vote them out except at this point my vote doesn’t count.
you nailed it
i dont think anyone’s vote counts
not even the dem voters could vote their way out of this
They’re all now in Union County and Lake Norman North Carolina…
…still voting the same way…
I know of a corporate M&A attorney that escaped to NC with his wife when the city shut down. He sold his brownstone and had his company open him a closet office in Mooresville, NC with a staffer.
Guaranteed he was over $500,000 and used COVID as an excuse to never go back. He may be an outlier but he’s not going to be the only one to use work from home as an excuse to escape.
A surprising number of managers are now of the opinion “I don’t care where you live.” The city will be destroyed when people like him can sell a $1.2 million home and build an estate elsewhere for that price.
They can run but they can’t hide. Federal taxes and revenue distribution to the states will shore up some of the losses.
thank you and your bank for standing up to the money grabbers
I hope they all went to a solid blue state.
Especially in Houston, where they proudly tout that 1 in 4 Houstonians were born outside of the U.S.
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