U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-18-2011, 06:12 AM
 
1,119 posts, read 2,171,377 times
Reputation: 873

Advertisements

Not all tax goes to NYC. Uncle Sam takes the largest share. Those taxes are very important source of revenues for the US, NYS, and NYC.
Reply With Quote Quick reply to this message

 
Old 10-18-2011, 06:16 AM
zdg
 
Location: Sonoma County
841 posts, read 1,655,105 times
Reputation: 1115
Quote:
Originally Posted by mgt04 View Post
Those bonuses those big guys make on Wall Street are taxed at a little under 50%. So a guy who got the $2 million dollar bonus? About a $1 million of it is going to the taxpot of NYC.
I really wanted to agree with you, but this is simply incorrect.

While that person's effective tax rate on a majority of that income would be almost 47%, only about 4% of that goes to NYC. 6.85% goes to NY State and the rest goes to the Federal government. So, while you're right about the percentage paid in taxes, it's not like all 50% stays in NYC to pay for services and utilities locally -- not even close -- most of that is federal income taxes.

To be clear, I do agree with your premise, was just arguing the math.
Reply With Quote Quick reply to this message
 
Old 10-18-2011, 07:21 AM
bg7
 
7,698 posts, read 7,627,262 times
Reputation: 14991
Actually its nearer 9% ging to NYS at the moment - the millionaire's surtax is still in place.
Reply With Quote Quick reply to this message
 
Old 10-18-2011, 08:19 AM
zdg
 
Location: Sonoma County
841 posts, read 1,655,105 times
Reputation: 1115
Quote:
Originally Posted by bg7 View Post
Actually its nearer 9% ging to NYS at the moment - the millionaire's surtax is still in place.
Good point.
Reply With Quote Quick reply to this message
 
Old 10-18-2011, 02:08 PM
 
Location: Manhattan
20,129 posts, read 26,407,309 times
Reputation: 9021
Quote:
Originally Posted by DSNYSANMAN View Post
Rent is so high because of section 8. If you are looking for a cheap 2br apt in east new york it would cost about 1200 a month. That is a lot of money to live in the hood. The reason it is so high is because section 8 pays landlords that which makes it the going rate for rent. So if you are not in section 8 you have to find the money to pay 1200 a month. Wall street is part of the reason why rent is so high in manhattan. Wall street makes living in manhattan desireable which increase the price of rent. One reason for high rent is because of capitalism and the other is because of socialism. Wall street is not the problem, the problem is the government. Dont believe those kids protesting anything they can protest when they arent doing drugs or getting laid.

Yeah, that's what DUMB means,
Reply With Quote Quick reply to this message
 
Old 10-19-2011, 10:47 AM
 
169 posts, read 521,706 times
Reputation: 74
Default haha

This is so silly.

Why does Wall St take the blame in NYC?

Do people blame Silicon Valley for running up prices in the area?
Reply With Quote Quick reply to this message
 
Old 10-19-2011, 12:22 PM
 
876 posts, read 1,883,481 times
Reputation: 384
Quote:
Originally Posted by eugenet View Post
This is so silly.

Why does Wall St take the blame in NYC?

Do people blame Silicon Valley for running up prices in the area?
The term is called useful idiots. People who blame wall street for high rent are being played and are too foolish to see it.
Reply With Quote Quick reply to this message
 
Old 10-19-2011, 12:27 PM
 
3,333 posts, read 3,280,911 times
Reputation: 2834
Quote:
Originally Posted by zdg View Post
I really wanted to agree with you, but this is simply incorrect.

While that person's effective tax rate on a majority of that income would be almost 47%, only about 4% of that goes to NYC. 6.85% goes to NY State and the rest goes to the Federal government. So, while you're right about the percentage paid in taxes, it's not like all 50% stays in NYC to pay for services and utilities locally -- not even close -- most of that is federal income taxes.

To be clear, I do agree with your premise, was just arguing the math.
Please. All of you, ****.

Anyone who's making million dollar plus bonuses isn't taking most of it in cash and is certainly not paying upwards of 45% on it.

Wall St isn't anymore to blame than section 8/ rent control/ rent stabilization which creates artificial demand and thereby increasing prices.
Reply With Quote Quick reply to this message
 
Old 10-19-2011, 12:52 PM
 
1,320 posts, read 3,498,274 times
Reputation: 800
Some clarification, many individuals in banking sector do get paid bonus in either cash (not literally cash and not paying taxes) or stock or stock options.

Ones that do get paid in cash for bonus obviously pay their full share in taxes. Others who get paid in stock or stock options for bonus do not since that depends on when you exercise it and how much the gain/loss is, etc.

For example, a mid-level developer in GNB (goliath national bank, yes it's reference to how i met your mother) will likely get paid in cash but some places like Citibank used to hand out stock options to all their employees. Doesn't have to be bank either, IBM also gives out stocks as bonus to their employees.

Aside from that clarification. I don't know why people aren't also blaming for rent since celebrities because vast majority of them do pull in more than 506kish/year which is top 1%. And let's be honest here, I think lot of this is about belly ache of increasing wealth gap. There are some legitimate concerns that make it harder for people now days to become wealthy but these aren't the real issues that many, if not most of people are not complaining about from either occupy wall st. movement or just general bitching about wall st.

Personally, I think we should start bitching about celebrities too because many rake in much money and usually more than many financial sector employees.
Reply With Quote Quick reply to this message
 
Old 10-19-2011, 01:09 PM
bg7
 
7,698 posts, read 7,627,262 times
Reputation: 14991
Plenty take their bonus in cash, and have to pay the tax, in fact its taken out before they see it. They are the ones who want to buy then, often real estate, hence the bonus season buying period in NYC. Others who have no need for the cash at the time will often take it differently. Wawaweewa is obviously getting info second hand from the interwebs or the rich-don't-pay-enough-taxes-church.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top