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Actually, 5 million NYers do not work (or, don't report income or pay income taxes)!
34,500 NY "1%ers" pay 43% of NYC income taxes, 345K pay 71%, 8 million pay less than 29%. I.B.O.: The highest-earning 10% pay 71.2% of city taxes; the top 1% out-earns the next 9 | Capital New York Council's James Oddo Isn't Buying That 1% Stuff | New York Daily News
"The top 10% of city taxpayers (about 345,169 payers) accounts for 71.2% of the city personal income tax. The top 1%, or about 34,598 people, pays 43.2% of the total burden.
About 1.18 million filers pay no New York City personal income taxes at all, and some who live in poverty receive “refund” payments of the values of their earned income tax credit, child care and dependent care credit."
8.4 million residents, 3.45 million taxpayers, 345K top-tenth earn 58% of income, pay 71% of NYC income tax. Top 1% of taxpayers (34,500) pay 43%, bottom 70% (2.4 million) pay 8%.
You did not think this through very carefully, did you?
-345k is 10 percent of taxpayers, not filers
-In 2010, 22% of New Yorkers were under 18 and 12% were over 65. Most do not pay taxes.
-In 2010, average household size was 2.6. Most households file taxes jointly.
When you arrived at the clearly absurd conclusion that "5 million New Yorkers pay no taxes," you should have recognized it as a sign you made a serious error in your reasoning somewhere--several errors, in fact.
I am not sure how people can argue this. The budget is barely balanced as is, only through the sale of property and some other unexpected things. I think that it is safe to assume blasio at least plans on expanding gov't spending....so where is that income / revenue going to come from?
If rich people didn't leave under the Lindsay, Beame, Koch and Dinkins administrations when the city really was a sewer, then why would they leave under DiBlasio's?
Are you nuts? Trickle down is what keeps NYC going.
Look at the % of total NYC taxes paid by the to 1% or earners. Also look at how many jobs they create, both in the companies they run, and personally, with the money they spend (and in a lot of cases donate) in the city.
Class warfare is bot a losers game, and a game for losers.
Go down to BPC and look across to Jersey City. It has a skyline now. Why, because a lot of people/business discovered they don't need to be in NYC, just near it. Goldman Sachs has a big tower in JC, and may build more. All the people working in that tower and living in Jersey aren't paying NYC tax.
The same thing goes for Stamford, CT. Stamford is really the home of the hedge fund industry, not NYC. You would think the hedge fundies would be in NYC, but they figured out that they didn't have to be. That's a lot of tax money and economic activity that should be in NYC, but isn't.
So it's happening. Not all at once, but a little at a time. And with the internet, it not a big deal to do work anywhere in the country (or world), and still connect to NYC, without paying tax or spending any money here.)
Actually, 5 million NYers do not work (or, don't report income or pay income taxes)!
34,500 NY "1%ers" pay 43% of NYC income taxes, 345K pay 71%, 8 million pay less than 29%. I.B.O.: The highest-earning 10% pay 71.2% of city taxes; the top 1% out-earns the next 9 | Capital New York Council's James Oddo Isn't Buying That 1% Stuff | New York Daily News
"The top 10% of city taxpayers (about 345,169 payers) accounts for 71.2% of the city personal income tax. The top 1%, or about 34,598 people, pays 43.2% of the total burden.
About 1.18 million filers pay no New York City personal income taxes at all, and some who live in poverty receive “refund” payments of the values of their earned income tax credit, child care and dependent care credit."
8.4 million residents, 3.45 million taxpayers, 345K top-tenth earn 58% of income, pay 71% of NYC income tax. Top 1% of taxpayers (34,500) pay 43%, bottom 70% (2.4 million) pay 8%.
Quote:
Originally Posted by BinxBolling
You did not think this through very carefully, did you?
-345k is 10 percent of taxpayers, not filers
-In 2010, 22% of New Yorkers were under 18 and 12% were over 65. Most do not pay taxes.
-In 2010, average household size was 2.6. Most households file taxes jointly.
When you arrived at the clearly absurd conclusion that "5 million New Yorkers pay no taxes," you should have recognized it as a sign you made a serious error in your reasoning somewhere--several errors, in fact.
I agree. It is totally absured that he comes up this sum that 5 million New Yorkers don't pay no taxes? Their are 8 million New Yorkers, so far what you had said only 1/3 New Yorkers pay no taxes. Hell even folks who make low wage income pay taxes even though they also receive public assistance. Clearly Bigjake is not to bright!
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