Skip to comments.Editorial: New York Prices Itself Out Of The Market
Posted on 02/24/2011 5:29:40 PM PST by Kaslin
Fiscal Policy: Anyone who believes high tax rates bring prosperity need only look at New York. Soak-the-rich rates there contribute to a wealth and talent drain the state can't afford.
To help their state weather the recession, New York lawmakers in 2009 adopted a surcharge on personal income taxes for those making more than $200,000.
Called a "millionaire's tax" even though 76% of those who pay it are not millionaires, the levy lifted the top rate by 31%. It was intended to be temporary.
But according to a report by the Partnership for New York City, a group of 200 CEOs, "interest groups that depend on state spending are pressing for permanent extension of the surcharge."
With New York already having the second-heaviest state tax burden in the country, according to the Tax Foundation, this would be a mistake.
According to the partnership, the rich and the productive have been leaving the state for "places where the tax burden is less" for years.
"Between 1998 and 2008, a net total of more than 1.7 million New Yorkers chose to relocate, taking with them their wealth and talent," it says. "More income has left New York than any other state in the nation $71.7 billion from 1993 to 2008."
(Excerpt) Read more at investors.com ...
On a national level, our corporate tax policies have the same effect, chasing our businesses overseas, where tax rates are lower. Same idea.
Sure it was.
Plus Mayor Bloomberg's attitude to Rush Limbaugh when he left Manhattan: "good Riddance".
Nice job, Mr. Mayor.
Seriously though, NY and SF for that matter; will always draw international wealthy families. That is, wealth imported from overseas. These are the households that keep these cities going.
Liberals believe in a static, rather than a dynamic analysis of taxes and fees. To a lib, a tollbooth on a bridge that processes 1000 cars a day, each paying a two dollar toll, brings in $2000 a day. Therefore, raising the toll to $50 would bring in $50,000 a day.
Regrettably, many of these deserting Yankees are fleeing South and screwing up previously conservative states like VA, NC, SC and FL.
It is our hope that NY and Quebec will form their own communist country and leave the rest of the USA the hell alone. Alternatively, NY could just fall in the ocean and maybe swamp Mexifornia.
Wealthy folk can live anywhere in the world. Why stay in an ant hill like NYC when not welcome?
Good luck with that. Locust liberals will always gravitate to where the feeding is free.
Those people should just shrug. Leave. Quit propping up that city and watch it collapse in their wake.
There are many wealthy people here who are engaged in professions like investment banking. This is where the companies and the customers are.
There are a lot of good people here in NY, more conservatives than you think - we’re just overwhelmed with unions, people on the state dole and a really sh!tty group Republican candidates. The GOP here for the most part cave to the Dems on almost everything.
Most people have to fight costs everyday. Liberals cheat by raising taxes.
A thousandaire's tax.
Nah like the Wisconsin deficits, it’s just a myth.
Soon, if you tent in NY, you get to pay income taxes on your full annual income; or perhaps travel through NY in a camper or such - pay at the boarder on exit, or be locked up!
"Liberal" NAZI scumbags!
they would have to learn French haha
If you're not a Bee.. you'd better get real, real fast..
An African Bee is the President.. and the Queen Bee has a big abdomen..
come on. That is a drop in the bucket - not enough to fund one department’s pensions
I live in Alabama. Hey, Y’all! And I live in a small town, beautiful country. Fishing, hunting, boating, lakes and rivers all around. And the damn Yankees just keep moving here. Middle of nowhere and they’re buying all the property, closing it to the locals. It’s kinda funny. You’ll talk to them and they’ll say how this is a hell hole, New York, Michigan, Vermont, whatever, is so much better. Then go back, dammit!
The difference in a Yankee and a damn yankee is the damn yankee never goes back north.
From your lips to God’s ears.
The NY Golden Goose is ready to fly south.
I heard that too, then I did a bit of research to confirm it. I nearly fell out of my chair! The couple that is being sued live in and pays taxes in CT and maintains a vacation home in NY, used a few weeks a year at most. It is beyond imagination how NY can even think it is appropriate that they pay NY income taxes as well. I'll never understand how a liberal mind functions (or fails to). If the ruling goes in favor of NY, I'll bet there will suddenly be a glut of vacation properties for sale in NY.
“There are a lot of good people here in NY”
Perhaps I should have excluded upstate New York. The rural areas seem to be populated by very nice people.
Also, is it illegal for an native born American to drive a cab in NYC? It seems as if all NYC cabbies have been in country for less than 2 weeks, speak some non-specific language and voted in the most recent election.
New Yorkers are so much smarter than the people in flyover country. Just ask them. /sarc
“From your lips to Gods ears”
Thanks, I always wondered if God had ears. I always figured God was a woman and she hated my hair. Ears would be unnecessary since she would not listen anyway.
Not just upstate, in the suburbs of NYC and Long Island as well.
It was intended to be temporary.
Sure it was.
The only tax that a democRAT calls temporary is a tax CUT!
California is just as bad. While sailing from Washington to Hawaii, winter weather forced us to take refuge in Eureka for six weeks. Just received a letter from the Humbolt county tax assessor. They want me to pay property tax on my boat.
I refuse to travel north of I-10, or south of Okeechobee.
I avoid the coastal areas now.
Yes, a whole lot of tax evaders (people who buy property here,just prior to declaring bankruptcy in their home states)and snowbird retirees (elderly people retired on “Union” pensions from other states, who came here to “retire”, while avoiding their home state taxes.
They all register to vote, and they overwhelmingly vote Democrat,since they have no real vested interest in our long term State interests.
No children to educate, and the ability to pay for gated communities.
They would also rather pay cash for an adult illegal alien staffed company to mow their lawn, than pay a local teenager the going wage.
Many get bored, or underestimated their incomes, so they take the part-time entry level jobs that traditionally went to local teenagers,college students or the permanently underskilled.
They should go back to wherever they came from.
They ruined their own home states during their productive years, and now attempt to ruin mine.
I escaped Yankee union state hellholes decades ago.
I refuse to accept that my daughter and her peers must have their future income forcibly confiscated to pay for elderly carpetbaggers elective hip replacements and viagra doses, by the same people who constantly attempt to deprive them of their opportunity to attempt to attain prosperity.
Screw the AARP and all Yankee labor Unions.
We always welcome temporary visitors, but if you want to live here full time, leave your failed liberal politics in your former failing states.
Over 200 CEO’s support this surtax. I wonder if they pay that tax or find a way to weasel out of it ! One of many reasons why I refuse to live on the East Coast !
But the article is badly written.
New York City is a great place to live if you're young or even if you're single, but the prices are too high. The liberals don't realise that they are slowly strangling their very own cash cow.
The best option is make a flat tax - 15%, charge import taxes, and mostly CUT DOWN government.
There is nothing going on, no young people, no activity.