Wealthy New Yorkers should brace for higher taxes, city's comptroller says

antitox

Well-Known Member
https://www.foxbusiness.com/money/w...brace-for-higher-taxes-citys-comptroller-says

Stringer said wealthy people should 'pay a little more' to get New York through the fiscal crisis

Wealthy New Yorkers should brace for tax hikes as the city grapples with one of the worst fiscal crises in nearly five decades as a result of the coronavirus pandemic, City Comptroller Scott Stringer said Tuesday.

"We have a $4.2 billion deficit in our city budget for the next year," Stringer, who recently launched a bid to become New York City mayor, said during an interview on Bloomberg News. "It's tough but manageable. So we have to use all the leverage at our disposal to close that budget gap."

That includes imposing a levy on the richest individuals living in New York, Stringer said.

"Wealthy people, if needed, should pay a little more to get us through this crisis," he said. "We have asked our frontline workers to make the ultimate sacrifice. Seems responsible that people who have great wealth should want to help the city in which they made money in."

A growing number of New York Democrats are pushing Gov. Andrew Cuomo, a three-term Democrat who has a long history of opposing measures that raise taxes on the wealthy, to make the rich pay more. According to budget officials, the state faces a $14.5 billion budget gap.

Cuomo has previously argued that taxes that target high earners could drive them out of the state, but appeared to open the door last week to increasing taxes. If the federal government does not provide New York with additional emergency funding, Cuomo said the city may have no choice but to increase levies on the Big Apple's wealthiest residents.

"This will be a hole in the financial plan so large that it will be impossible to fill," Cuomo said Thursday. "What would we do to try to fill it? Taxes, cuts, borrowing, early retirements [of government workers]. All of the above."

Stringer maintained that even with a wealth tax, rich New Yorkers would not permanently leave the state.

"We've had a fiscal crisis as far back as the 1970s. People fled, I remember they left, they came back," he said. "After 9/11, people fled, but they came back. After the 2008 recession, people left, they came back. There will be some that will leave. But everyone, at the end of the day, wants to be in the center of the universe, no disrespect to London. They want to live in New York City."

"Why would you risk your life going to Texas, or Florida, or any place where you have governors who just ignore health safety laws?" he continued. "You have to be nuts to go there. Stay where you are, New York is the safest place in the world right now."

There are 118 billionaires living in New York who are worth an estimated $566.4 billion. According to a 2018 analysis published by the Institute on Taxation and Economic Policy, New York imposes an 11.3% levy on the top 1% of earners -- the second-highest in the country.

Stringer said the city could also save about $400 million by refinancing debt and as much as $1 billion through efficiencies.
 

DanLMP

Well-Known Member
"We have a $4.2 billion deficit in our city budget for the next year," Stringer, who recently launched a bid to become New York City mayor, said during an interview on Bloomberg News. "It's tough but manageable. So we have to use all the leverage at our disposal to close that budget gap."

A budget deficit that was created by NY governmental stupidity. So naturally the wealthy have to pay.

And you can guarantee that the tax will stay in effect forever so long as they keep voting for Democrats.
 

NewWine2020

Well-Known Member
The arrogance of thinking that 1) NY City Is the “center of the world“ and 2) that everyone really wants to live there made me simultaneously roll my eyes and LOL; I would actually pay big money to NOT live there (or in ANY American city of a comparable size).

I would not even want to visit NYC, even if my airfare and all associated costs were covered 100%.

My wife and I dream of relocating from Phoenix, AZ to someplace much smaller with a cooler climate and a Much more solid shade of ”red” in terms of the political climate.
 

Batman

Well-Known Member
NYC Mayor has just put 9000 on furlough and even though I didn't hear the savings expected or the salary average it would be simple math that 9000 x $40,000 is a grand total of $360,000,000 (yes that is 360 MILLION) for an entire year..........whether that includes their benefits cut or not. Most of us might expect the salary in NYC to average even higher than $40K but who knows. What we do know is this will be a lot of cash saved every month and it will be a lot of city service work lost.........LEO? FD? EMT? Trash Disposal? Street repair? Water/Pipes? Who knows what is happening after this and how much worse it will get up there.

NY and NYC specifically need to wake up before it's too late.
 

Tall Timbers

Imperfect but forgiven
If they further increase taxes on the wealthy (who fits the definition of wealthy in NYC?) I figure that when they crunch the numbers years from now they'll discover their tax revenue, after rising slightly dropped to a lower permanent level because some of those billionaires left the state...
 
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athenasius

Well-Known Member
If they further increase taxes on the wealthy (who fits the definition of wealthy in NYC?) I figure that when they crunch the numbers years from now they'll discover their tax revenue, after rising slightly dropped to a lower permanent level because some of those billionaires left the state...
That's how it always works, that is exactly what drove a lot of businesses offshore, and continues to drive away those who create wealth.

Consider this an eviction notice for the wealthy (or the middle class because Dems consider them wealthy too). Get out while the going is good.
 

NewWine2020

Well-Known Member
Sorry but I’m on the government side in this. These wealthy taxpayers have a lot of influence and support these leftists. It’s a consequence of their actions. Tax them beyond belief.

I 100% get where you’re coming from but the wealthy have the ability to not have to learn a lesson. They have enough money to find creative tax loopholes that are not even known to us plebes and if they get really hit hard, they’ll do the equivalent of the of “taking their ball and going home” except the ball is $$$ and the home will just be someplace that doesn’t tax them as bad...yet.

BUT..because they learned exactly nothing, they will continue to vote the same liberal way they always have; these economic refugees are like a plague of vermin to the places they flee to.
 

Footsteps

Well-Known Member
Funny you should mention vermin:

Once everyone who can't afford to leave is taxed into equal poverty, the fare at New York’s restaurants will never be the same. Here’s what you will see on the menus based on star ratings:

One Star: Gruel
Two Star: Gruel/Side of Slop
Three Star: Spam (made using fresh possum jowls)
Four Star: Popcorn by Cornpop
Five Star: Alpo soufflé

Street vendors outlawed due to inability to regulate Vermin on a Stick.
 

NewWine2020

Well-Known Member
Funny you should mention vermin:

Once everyone who can't afford to leave is taxed into equal poverty, the fare at New York’s restaurants will never be the same. Here’s what you will see on the menus based on star ratings:

One Star: Gruel
Two Star: Gruel/Side of Slop
Three Star: Spam (made using fresh possum jowls)
Four Star: Popcorn by Cornpop
Five Star: Alpo soufflé

Street vendors outlawed due to inability to regulate Vermin on a Stick.


Mmmmmmm...exotic Spam made of possum! :)
 

DanLMP

Well-Known Member
Sorry but I’m on the government side in this. These wealthy taxpayers have a lot of influence and support these leftists. It’s a consequence of their actions. Tax them beyond belief.

I watched a YT video of Thomas Sowell the economist explaining an instance in which a city or state, I forget which, had a very high tax rate for the "rich" and didn't get what they expected. When they dramatically reduced the rich's tax rate they suddenly got a lot more than when the tax was high.

The rich know how to hide their money from taxes and when the tax rate is high they are motivated to do that. When the tax rate is lower they are less motivated.

The 8:29 minute video can be found on YT under "Thomas Sowell on AOC". Their are a lot of other nuggets in there too.
 
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