New York is driving away its wealthy by continually increasing taxes. If progressives push away all their wealthy, they are going to end up with less revenue to fund their pet projects. The study by New York City's Independent Budget Office shows a 10% decrease in taxpayers earning over $750,000, and a 6% decrease in incomes between $150,000 and $750,000. The top 1% of taxpayers accounted for 45% of the city's total income last year. Despite this there is a push to tax the rich even more. New Yorkers already have the highest state and local tax rates in the country. It is projected that both the city and state will face massive budget deficits in coming years. Even as the wealthy flee NY, progressives push to punish them more (nypost.com) - Dec 11, 2022
The drop happened before democrats raised taxes. People are getting poorer, but they aren't the target demographic that New York city wants for residents. It was IMHO that they wanted to attract residents with even larger bank accounts. Billionaires! Not just the state but the real estate developers and investors. It was unsustainable.
Geese that lay golden eggs also can fly. If the parasites pluck them too many times, they fly away and all the parasites have are a few feathers to try to feed on
Actually, it's a problem for New York. The high earners pay a significantly disproportionate share of New York taxes. When they move to Florida, for instance, their taxes go with them.
I remember hearing Rush talk about how New York was going to be a wasteland in 20 years because they were taxing rich people and they would all end up moving to Florida. This was over 30 years ago. New York will be fine.
The only problem is the morons that move out of the blue States move to Red States and then vote for the same moronically failed policies that caused them to flee in the first place. It's like a cancer that spreads but instead of being a carcinogenic tumor, it is composed of stupidity.
There are lots of "lefties" (such as my NYC residing brother ) who hate the taxes but craving his membership in the urban elite-which flaunts Ivy league degrees as much as they hate the religious right-they vote Democrat
You would think if you actually had to move out of your state in large part because of the policies that you voted for that you might reconsider the policies that you're voting for.
lots of the wealthy left (I know them well, I spent 8 years at Ivies) don't like the taxes but they love abortion, gay rights more and most off all, they like adopting the faux mantle of moral superiority that they award each other. Hatred of the religious right is a major factor-what really bothers them is that "uneducated" religious conservatives don't worship them but rather call these "elites" "sinners" ..that really ruffles their fabianeque feathers
Fine. It's worth noting (based on this hit piece) that there is no evidence the rich are leaving New York due to higher taxes
That example speaks poorly, of the value of having great wealth, if it cannot even allow a person who would prefer to live in NEW YORK, from ending up in FLORIDA. In the old days, it was being rather modest of income, that might condemn one to that fate. These days, though, I hear, real estate prices have gone through the roof, in Florida. So why are people going there: for the humid, swampy environment? If you are that worried about your money, there have got to be cheaper places, in the Caribbean & Central America (some, even with less of a chance of one getting shot).
Hmmm. We live in a community that attracts retirees from all over the country. Many of our new friends here are from New York, New Jersey, Connecticut, etc. All cite taxes as a powerful motivation to relocate. Less anecdotally: New York Risks Losing Wealthiest on High Taxes, State ... https://www.bloomberg.com › news › articles › new-yo... Dec 14, 2022 — New York's high taxes may already be pushing wealthy residents out of the city, providing little wiggle room for the state to raise more ...
Your post #14, doesn't at all address my point. But first, as someone who grew up in Connecticut, I am well aware of all those from the Northeast who have long liked to go to Florida, over the winter months. As someone with both sides of my family, originally living in New York, I have had three different uncles and aunts move down there, long ago, because of how much cheaper real estate (& so the overall cost of living) was there, compared to here. Of course, taxes are one part of that, but I don't think the main part. Even if it were, there are many other states with lower taxes (New York's are the country's highest); hence, it would be reasonable to surmise that there was some additional motivation, behind those moves: like wanting to be near the oceanfront beaches, and (though I cannot relate to this) actually enjoying Florida's climate. This warmth, I have always assumed, was also part of the appeal of FL to retirees, who often get more sensitive to the cold, in their "golden years," as well as often get tired of shovelling snow. The lower cost of living, of course, had also, always, been a bonus for a retiree, living on a fixed income. I might, further, guess that there already being so many, former northerners, who have relocated to Florida, might also add to its appeal, to any New Yorker-- retired or not. IOW, there is no evidence, that I can see, that would single out tax rate, as the primary driver, of people moving from New York, specifically to Florida. Now, my post, to which you replied, had commented on the sad state of someone who actually preferred New York weather-- not to mention, culture-- and who, like myself, did not care for hot, humid weather, nevertheless choosing to go to Florida, just for its lower tax rate. My sarcastically-made point, was supposed to come across as that there must reasonably be other reasons, beside merely tax rate, behind this migration. Are you aware that many northeastern states have been losing population, and that many Southern states-- like both Carolinas, Tennessee, Georgia, Texas, and Arizona, to name a few-- have been gaining population, for some time now? So it is overly simplistic thinking, to attribute a recent shift of NY residents to Florida, particularly to the difference in tax rates.
That is not a claim I have made, so you can save your ammunition. We live in Virginia, which has excellent amenities, cultural attractions and four seasons. Our new friends from the northeast like it very much.
The larger point remains that it's likely New York and other high tax states are bleeding their tax bases among those with the means to relocate.
As New York has always been a high tax state, which has always been a complaint of New Yorkers, and which has often been cited by those, who have moved, in citing advantages of their new state, there is no proof that this single thing, is the crucial factor. That said, I am not familiar with New York City tax rates, on the uber rich. Maybe these have become too high, compared to what is warranted to be believed is the value to these rich people, of living in New York (which is in many good ways, an incomparable place in which to live). The OP does not offer the specifics, I don't believe, in regard to this, in order to really assess it. My point, had been that for the really affluent-- who generally spend a lot more on indulgences for themselves, than the rest of us-- it seems inconsistent, or silly, to me that they would move away from a place where they would want to live, to a place that they find inferior, if they could afford to stay. If they don't fret about going to pricey restaurants, on a regular basis, and ordering exorbitantly marked up bottles of wine, while wearing expensive suits and dresses and shoes, it seems odd that, instead of cutting down on their other extravagances, they would uproot themselves completely, just due to the tax rate. IOW, if money were a consideration, they probably wouldn't be living in NYC, in the first place. Does that make sense?
I can understand why retirees would want to minimise taxes. They need every dollar to work for them. Different priorities I guess. For example if you're a established professional in New York making good coin then that offsets the tax issues. However, my understanding was that retirees move to the south for the weather and not to save money. But if you say anecdotally that they are fleeing higher taxes that also seems plausible.
Mrs. Hays and I fled the traffic congestion of northern Virginia and WDC. Our new friends in Williamsburg include relocatees from New Jersey, Connecticut and New York. Virginia's milder weather was an attraction, but the tax difference was the primary driver. These are, btw, well-heeled retirees so not penny pinchers. They are nonetheless prudent.
Because like most everywhere else, NY refuses to ask landowners to repay any substantial part of the subsidy they are given. You can own land in NY and collect the subsidy while living elsewhere, so you don't have to repay any of it except a minor sliver in property taxes. Same thing in CA since Proposition 13: property tax rates are so low that it's highly profitable to own land in CA, as long as you don't live there.
What I've Learned Since I Left New York for Florida Karol Markowicz, FOX News One year ago I boarded a plane with my husband and three kids and left New York City for Florida. I love New York and it was very hard to... Read More
