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Editorial: New York Prices Itself Out Of The Market
IBD Editorials ^ | February 24, 2011 | Staff

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 ...


TOPICS: Business/Economy; Culture/Society; Editorial; US: New York
KEYWORDS: escape; escapefromnewyork; from; government; newyork; taxes; temporarytax

1 posted on 02/24/2011 5:29:41 PM PST by Kaslin
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To: Kaslin

On a national level, our corporate tax policies have the same effect, chasing our businesses overseas, where tax rates are lower. Same idea.


2 posted on 02/24/2011 5:32:01 PM PST by Pearls Before Swine (/s, in case you need to ask)
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To: Kaslin
It was intended to be temporary.

Sure it was.

3 posted on 02/24/2011 5:33:54 PM PST by workerbee (We're not scared, Maobama -- we're pissed off!)
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To: Kaslin
"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."

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.

4 posted on 02/24/2011 5:34:47 PM PST by cicero2k
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To: Kaslin

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.


5 posted on 02/24/2011 5:34:50 PM PST by TruthShallSetYouFree (Obamacare: Not just dreck. Unconstitutional dreck.)
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To: Kaslin

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.


6 posted on 02/24/2011 5:36:20 PM PST by TxDas (This above all, to thine ownself be true.)
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To: Kaslin

Wealthy folk can live anywhere in the world. Why stay in an ant hill like NYC when not welcome?


7 posted on 02/24/2011 5:37:03 PM PST by kittymyrib
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To: TxDas
It is our hope that NY and Quebec will form their own communist country and leave the rest of the USA the hell alone.

Good luck with that. Locust liberals will always gravitate to where the feeding is free.

8 posted on 02/24/2011 5:39:30 PM PST by sionnsar (IranAzadi|5yst3m 0wn3d-it's N0t Y0ur5:SONY|http://pure-gas.org|Must be a day for changing taglines)
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To: cicero2k
Didn't Rush say something about there being basically fewer than 100 people living in New York that were paying the majority of the taxes? I thought he said it was something like 40 people.

Those people should just shrug. Leave. Quit propping up that city and watch it collapse in their wake.

9 posted on 02/24/2011 5:41:57 PM PST by ponygirl
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To: kittymyrib

There are many wealthy people here who are engaged in professions like investment banking. This is where the companies and the customers are.


10 posted on 02/24/2011 5:42:38 PM PST by proxy_user
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To: TxDas

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.


11 posted on 02/24/2011 5:47:34 PM PST by PMAS
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To: Kaslin
These liberal politicians don't understand that people will relocate if they are not being treated fairly.

Most people have to fight costs everyday. Liberals cheat by raising taxes.

12 posted on 02/24/2011 5:49:28 PM PST by oyez (The difference in genius and stupidity is that genius has limits.)
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To: workerbee
so was unemployment comp.......103 weeks ago...free enterprise is alive and well..albeit under the table....Today, I could have hired a guy for 6 bucks an hour cash ..said he just needed something to do days...He was getting bored staying at home
13 posted on 02/24/2011 5:50:02 PM PST by M-cubed
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To: Kaslin
Called a "millionaire's tax" even though 76% of those who pay it are not millionaires

A thousandaire's tax.

14 posted on 02/24/2011 5:50:50 PM PST by Scott from the Left Coast
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To: Kaslin

Nah like the Wisconsin deficits, it’s just a myth.

Everything’s fine.


15 posted on 02/24/2011 5:53:27 PM PST by NoLibZone (Impeach Obama. Then try him for treason.)
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To: cicero2k
Rush reported that a recent NY court has determined that anyone who has a part-time residence in NY will have to pay income taxes on their full annual income - not as previous, a proportionate part of such, attributable to time spent in the state. Even if they have only spent a few weeks in a vacation lodge they owned in the state.

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!

16 posted on 02/24/2011 6:00:15 PM PST by GregoryFul (Obama - Jim Jones redux)
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To: sionnsar

they would have to learn French haha


17 posted on 02/24/2011 6:00:40 PM PST by bill1952 (Choice is an illusion created between those with power - and those without)
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To: Kaslin
NYC is "the big HIVE"... learn to buzz and do the dance.. or get out..
Most major citys are hives..

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..

18 posted on 02/24/2011 6:01:45 PM PST by hosepipe (This propaganda has been edited to include some fully orbed hyperbole....)
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To: cicero2k

come on. That is a drop in the bucket - not enough to fund one department’s pensions


19 posted on 02/24/2011 6:02:56 PM PST by bill1952 (Choice is an illusion created between those with power - and those without)
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To: TxDas

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.


20 posted on 02/24/2011 6:05:57 PM PST by saleman (!!!!)
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To: TxDas

From your lips to God’s ears.


21 posted on 02/24/2011 6:08:06 PM PST by Trod Upon (Obama: Making the Carter malaise look good. Misery Index in 3...2...1)
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To: Pearls Before Swine

The NY Golden Goose is ready to fly south.


22 posted on 02/24/2011 6:11:30 PM PST by JPG (As WI goes, so goes the nation. Thank you, Gov Walker.)
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To: GregoryFul
Rush reported that a recent NY court has determined that anyone who has a part-time residence in NY will have to pay income taxes on their full annual income - not as previous, a proportionate part of such, attributable to time spent in the state. Even if they have only spent a few weeks in a vacation lodge they owned in the state.

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.

23 posted on 02/24/2011 6:13:14 PM PST by RobertClark (On a long enough timeline the survival rate for everyone drops to zero.)
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To: PMAS

“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.


24 posted on 02/24/2011 6:25:22 PM PST by TxDas (This above all, to thine ownself be true.)
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To: Kaslin

New Yorkers are so much smarter than the people in flyover country. Just ask them. /sarc


25 posted on 02/24/2011 6:27:31 PM PST by crosshairs (Appeasement is surrender in slow motion.)
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To: Trod Upon

“From your lips to God’s 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.


26 posted on 02/24/2011 6:28:32 PM PST by TxDas (This above all, to thine ownself be true.)
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To: TxDas

Not just upstate, in the suburbs of NYC and Long Island as well.


27 posted on 02/24/2011 6:29:19 PM PST by PMAS
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To: workerbee

It was intended to be temporary.
Sure it was.

The only tax that a democRAT calls temporary is a tax CUT!


28 posted on 02/24/2011 6:31:33 PM PST by Cyclone59
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To: GregoryFul

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.


29 posted on 02/24/2011 6:51:41 PM PST by Chuckster (When I was a kid, this was a free country)
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To: Kaslin
California has lost 4 businesses a week for the entire 2010 year for the same reason they can operate much cheaper in another state.
30 posted on 02/24/2011 7:35:33 PM PST by Foolsgold (L I B Lacking in Brains)
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To: saleman
I live in Florida.

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.

31 posted on 02/24/2011 8:16:44 PM PST by sarasmom
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To: Kaslin

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 !


32 posted on 02/24/2011 8:44:59 PM PST by CORedneck
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To: CORedneck; Kaslin
I think that read as to a report by the Partnership for New York City, a group of 200 CEOs, namely that the report was made by the PNYC which is a group of 200 CEO's and the report said that "interest groups that depend on state spending are pressing for permanent extension of the surcharge."

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.

33 posted on 02/25/2011 4:36:32 AM PST by Cronos ("They object to tradition saying that they themselves are wiser than the apostles" - Ire.III.2.2)
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To: Kaslin
Used to drive old route 7 from Binghamton to Albany across the So. Tier. All of those old towns like Unadilla, Oneonta etc. are so sad to see.

There is nothing going on, no young people, no activity.

34 posted on 02/25/2011 5:37:23 AM PST by Jimmy Valentine (DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)
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