JPMorgan says pandemic will 'significantly reduce' its need for office space

[Hammer Time]

Originally Posted by Bklynball

Was NYC cheap to live in before? If it was purely a tax rate issue NY and CA would be the poorest states in the nation.

Btw, I'll let you in on a little secret. Really wealthy people and corporations don't pay the published tax rates. Not even close.
If the official tax rate hike is 1%, the real increase is probably a fifth of that. Are the uber wealthy going to flee due to 0.2%?

The tax hikes are meant to squeeze the upper middle class and "rich" (aka Goldman banker making $1MM, GOOG VP making $500K, C-suite "execs" of small and medium sized companies).These people can't flee as easily.

My household income, pre-COVID put me in the top 19% of income earners. It's a good living and we weren't struggling living paycheck to paycheck, but we were careful and saved for more than the recommended 6 months of reserves, which are now pretty much depleted. It took YEARS to save that money. The Trump tax cuts allowed us about $5600 a year in immediate income. We got beat up a bit with the SALT deductions, but it was minimal, a couple of hundred bucks. What Albany did will directly affect me in several ways, on a personal level, and as a small business owner. All the expansion I did in the past 5 years (2 years under Obama, 3 under Trump) will become stagnant or cause me to contract. I'm addition I was already forced to shutter my business that had a 4200 square foot store front. Plus, de Blasio continues to allow an unfair property tax valuation that favors multi-millionaires and punishes the middle class. You can't grow by extremely high taxes that will eventually become a dwindling tax base. It works for a year or two, after that people get their **** together and go.

[Kefir King]

Your state taxes are based on where you live, not where you work.

Not true.

[Bklynball]

Originally Posted by Hammer Time

My household income, pre-COVID put me in the top 19% of income earners. It's a good living and we weren't struggling living paycheck to paycheck, but we were careful and saved for more than the recommended 6 months of reserves, which are now pretty much depleted. It took YEARS to save that money. The Trump tax cuts allowed us about $5600 a year in immediate income. We got beat up a bit with the SALT deductions, but it was minimal, a couple of hundred bucks. What Albany did will directly affect me in several ways, on a personal level, and as a small business owner. All the expansion I did in the past 5 years (2 years under Obama, 3 under Trump) will become stagnant or cause me to contract. I'm addition I was already forced to shutter my business that had a 4200 square foot store front. Plus, de Blasio continues to allow an unfair property tax valuation that favors multi-millionaires and punishes the middle class. You can't grow by extremely high taxes that will eventually become a dwindling tax base. It works for a year or two, after that people get their **** together and go.

I'll.let.you in on another dirty little secret. NYC doesn't want small businesses.

The city's budget is so large and supports so many parasites (the non-working and the tens of thousands of overstaffed literally useless government workers that cost $150K+ all in) that the marginal benefit of additional small business revenue is virtually zero.

They want/need mega corps that can pay an additional tens/hundreds of millions a pop and RE transactions from overseas/mega wealthy non resident buyers that are pure profit for the city.

The city doesn't care about small businesses due to how large the budget needs are. A handful of speed/red light cameras is more valuable to the city than any additional small businesses.