Rottimer t1_j82fsmf wrote on February 11, 2023 at 3:10 AM

Reply to comment by dust1990 in NYC will have $4.9B budget surplus for 2023, watchdog says by mowotlarx

>But NYC's tax rates are too high and driving away the wealthy

I've been waiting for 40 years for this to happen. Instead we now have the most Billionaire residents of any city in the world. Not just the U.S., but the fucking world. Maybe, just maybe your thinking is flawed on this issue.

dust1990 t1_j83oiag wrote on February 11, 2023 at 12:02 PM

The absolute number of billionaire and millionaire residents goes up over time because of inflation.

Rottimer t1_j843fhi wrote on February 11, 2023 at 2:28 PM

Generally yes. But that has very little to do with why we have the most Billionaire residents in the world. That was not always the case, whether looking at it from absolute number or per capita. Despite having some the highest taxes in the country we have not chased away the rich.

dust1990 t1_j8dp8p0 wrote on February 13, 2023 at 3:31 PM

Data says otherwise. Sure NYC is crawling with wealthy. But SOO many living part time in their pied de terres. They have their tax residence elsewhere (suburbs, CT, NJ, Florida). If you lower rates to draw these people back, you'd have a ton of revenue to pay for services.