This is the problem that NYS has because they have evicted (via high taxes and regulations) all other businesses from the state. Now the state is too reliant on Wall Street. If Wall Street must cut back then it negatively impacts state revenues.
I wonder what happens when all of the trading on Wall Street is done via computer and the best traders can stay at home and do their trading from low-tax states. Then, New York will have ‘killed the goose who lays the golden egg’.
Oh, by the way...hydraulic fracturing is still banned in New York State. Does that make any sense??? Meanwhile we buy our natural gas from the folks Pennsyltucky and provide those nice folks with some revenue.
Rush noted a while back that NYC is dependent on a very small group of high-income earners for the bulk of its tax revenue—IIRC, it was somewhere in the neighborhood of 400 people.
Rush further noted that if a sizable number of these folks left, or if their income was reduced significantly, NYC would be in a world of hurt.
So be it.
Why this made me think of Springsteen, I have no idea.
(New York) State put freeze on hiring, then added 51,464 people
All that while our state is losing 2, count'em 2, House seats thanks to folks voting with their feet and fleeing the state.
1. Take more from the rich
2. Define "rich" as "middle class"
Done. Easy!
New York is becoming the next Detroit to keep the Democrats in power.
“Gov. Cuomo to present lean NY state budget”
Quote from article; “The budget proposed Tuesday contains no new or higher taxes or fees, but instead is built around spending about $2 billion from the “millionaire tax” increase on New York's top earners adopted in December”.
Who is John Galt?