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Trump is very wealthy, but he's not as wealthy as is commonly believed. Much of it is image.
Remember Trump has gone bankrupt a few times but manages to always pick himself up off the ground because of his image of being wealthy.
In any case the wealthy will always flock to NYC because it has obvious attractions. If I were Bloomberg I'd be more concerned with losing the middle class - which as pointed out above is smaller than ever, and with foreclosures having hit Queens harder than any other borough, there is genuinely something to worry about as to NYC's middle class shrinking even further. Without Queens and Brooklyn the middle class would be even smaller, and it's important for NYC to keep Queens (and Brooklyn) as middle class bastions.
Again it is the wealthy who are bearing the bulk of the tax burden, don't take them for granted. There is a tipping point, I don't know what it is, this may be it. I don't think the wealthy will pay any price to live in NYC despite its obvious attraction. As long as they live somewhere else 6 months plus 1 day they don't have to pay NY taxes. They can keep an apartment here and declare their primary residence somewhere else. I hear Monaco is very nice.
By the way I don't think Trump has ever gone bankrupt, maybe some of his businesses have, but I don't believe he has.
First.. have you ever BEEN to NY? BEcause I can tell you there is no shortage of people wanting to or moving there. Again... when he leaves..someone will be moving in to take his place. The 5M lost will be replaced by someone else's $5M That's what you don't get.
Even my last point you don't get. You just don't get it period. Okay..so you want me to say that NY is giong to decline into nothing becuase this guy leaves That's ridiculous. People come and go from NY all the time for all kinds of reasons.
Going by your logic of him leaving and someone moving in to his place. Obviously according to you people want to move there.
Wouldn't they then (simple example) be better off LOWERING taxes so the person who would leave at the 5 mil tax level would end up staying? Obviously the person who was going to move to NY at the 5 mil level would move in if taxes were lowered to 4 mil on that income.
So. Simple example:
You now have a person who isn't leaving because taxes were lowered PLUS you get a person who was going to move in anyways.
So that would equal 8 mil in taxes (the new guy who moved in and the old guy who feels 4 mil is fair as opposed to 5 mil) as compared to 5 mil (the new person who thought this level was acceptable and losing the guy who didn't).
Sean Hannity is packing up and leaving New York and moving to Florida like Rush did. I was always a little dubious of people who kept addresses in other states to avoid paying taxes, but Hannity said he'd save 5 million dollars a year. I can't argue that. There has to be some middle ground. Of course, the federal government will still take alot of that away from him unless he offshores it somehow. But the feds are getting beyond desperate for cash and the IRS will go after anybody and everybody for money. And the states are too, except they'll nickel and dime even the low income residents.
NYC has been exporting its poor working class for years now. They move their families into states like Pa to live while the dad lives and works in NYC. 6 or 8 guys share an apartment, he sends money back and visits on weekends.
Going by your logic of him leaving and someone moving in to his place. Obviously according to you people want to move there.
Wouldn't they then (simple example) be better off LOWERING taxes so the person who would leave at the 5 mil tax level would end up staying? Obviously the person who was going to move to NY at the 5 mil level would move in if taxes were lowered to 4 mil on that income.
So. Simple example:
You now have a person who isn't leaving because taxes were lowered PLUS you get a person who was going to move in anyways.
So that would equal 8 mil in taxes (the new guy who moved in and the old guy who feels 4 mil is fair as opposed to 5 mil) as compared to 5 mil (the new person who thought this level was acceptable and losing the guy who didn't).
Sounds nice and simple right.. but remember.. NYC is overpopulated. There are only so many condo's and coops and townhouses to go around. MOre people move in. .the more expensive it becomes. Why do you think you pay such a high price for such a small place? You're lucky if you get a 800 square feet for $500K!
You're right as far as building roads and streets though. The company I work for does it over and over and over along with building grocery stores, affordable living, retail, commercial, residential land developmental... etc. They're as private as it gets although for some of the affordable or assisted living locations do get some funding from the government.
Trump is very wealthy, but he's not as wealthy as is commonly believed. Much of it is image.
Remember Trump has gone bankrupt a few times but manages to always pick himself up off the ground because of his image of being wealthy.
Trump's businesses or subsidiaries going under has nothing to do with himself personally. There is a lawsuit now where a guy claimed he was only worth $250 million. That's defamation because of the business he does. He sells his image you are right. However he works based on investments and if people think he is worth less than he really is it does influence business. Last I looked there were 10's if not a 100 different business or so under Trumps persona. That doesn't mean if they go bankrupt he is broke.
Again it is the wealthy who are bearing the bulk of the tax burden, don't take them for granted. There is a tipping point, I don't know what it is, this may be it. I don't think the wealthy will pay any price to live in NYC despite its obvious attraction. As long as they live somewhere else 6 months plus 1 day they don't have to pay NY taxes. They can keep an apartment here and declare their primary residence somewhere else. I hear Monaco is very nice.
By the way I don't think Trump has ever gone bankrupt, maybe some of his businesses have, but I don't believe he has.
Bearing the bulk?? The wealthy? If you're talking DOLLAR amounts.. I could agree with you.
BUT.. when families have to cut food budgets and other neccesity things to meet tax obligations because they have no discretionary income.. I'd have to disagree.
Who is more burdened? ther person eating Raman noodles and skipping Dr. Appointments or the person who cuts out luxuries like vacations or buys one prada bag instead of two?
Who's more burdened? The family with no discretionary income to save for college for their kids and has a very small if any 401K? OR is the family that actually HAS discretionary income ..and with that discretionary income they have savings for college, large 401K plans and other investments to make their income keep growing? Definately the first family has more of a "burden" to meet their tax obligations. The second family is comfortable regardless of what taxes they have to pay becasue they are past a threshold that gives them discretionary income to keep growing, they aren't cutting into their utility bills and grocery bills to meet obligations.
Mayor Michael R. Bloomberg, Deputy Mayor for Economic Development Robert C. Lieber and Department of Housing Preservation and Development (HPD) Acting Commissioner Marc Jahr today released the initial results of the 2008 New York City Housing and Vacancy Survey. The 2008 survey, which reveals a synopsis of the City’s housing market between February and June 2008, found that the citywide net rental vacancy rate was 2.88 percent, down from 3.09 percent in 2005. The City’s total housing stock rose to more than 3.33 million units – the largest in the 43-year period since the first survey was conducted in 1965 – and all five boroughs saw an increase in housing. New Yorkers’ satisfaction with their neighborhoods and overall building conditions reached their highest ever levels since they were first measured, 30 years ago and 43 years ago, respectively. The survey, conducted every three years, is required by State and City rent-regulation laws to determine New York City’s overall vacancy rate for rental housing. A rental vacancy rate below five percent triggers the declaration of a “housing emergency,” which is necessary for the continuation of rent regulation protections for New York City residents. Every survey since the first one in 1965 has found the rental vacancy rate to be below five percent.
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That's what you don't get.
That's ridiculous. People come and go from NY all the time for all kinds of reasons.
