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The pics I saw a couple of years ago didn't show any, but yes, this is very good to know.
Maybe that's the Bloomberg media division which might not have as many minorities. But the data side has a fairly large amount of minorities. But in the context of generating NYC income tax I know many that work at the Bloombergs JPM, Goldman that live across the river in JC just to avoid the nyc income tax. I always wonder why no one in the NYC forum supports brining back the commuter tax to get the people who work here but don't pay their share. The response is usually muted, yet people are get so emotional on taxing the rich.
Maybe that's the Bloomberg media division which might not have as many minorities. But the data side has a fairly large amount of minorities. But in the context of generating NYC income tax I know many that work at the Bloombergs JPM, Goldman that live across the river in JC just to avoid the nyc income tax. I always wonder why no one in the NYC forum supports brining back the commuter tax to get the people who work here but don't pay their share. The response is usually muted, yet people are get so emotional on taxing the rich.
Commuter tax is dumb.
Commuter tax doesn't affect just the people who work in finance like you mentioned. It affects anyone and everyone who doesn't live in NYC including other New Yorkers (think folks like Long Island, Westchester, etc.). Like the doorman at my former Brooklyn building who lives in Long Island for their kids.
In 1999, there was about 800,000 people in NYS (yes, just NYS not NJ or CT) who paid commuter tax and million plus when you count people outside of NYS who paid commuter tax (i.e. NJ, CT). If you put this in now in 2013, you are going to penalize millions of people who commute to NYC and these millions of people do not all work for financial institution.
Also commuters pay their share by paying NYS income (people living in NJ do pay NYS tax and get credit for NJ. Money goes to NYS), and these commuters buy stuff like food, beer after work in NYC which adds up to be millions of dollars in taxes. However, these people do not live in city and therefore how much of the services that NYC income pay for that commuters really eat up? For example, commuters don't live in city, commuters don't send their kids to NYC public school (excluding college).
Lastly. People who have the means that live outside NYC to maximize their tax planning. I'm pretty sure can afford to rent/buy in NYC too albeit smaller space. But what do you think will happen? For example, if I have to pay NYC income tax even if I live in Hoboken. I'll just rent a smaller place in NYC. More demand but you know supply is tight right now in NYC. It'll drive rent and sale prices up, pushing out lesser to do folks even more.
Commuter tax doesn't affect just the people who work in finance like you mentioned. It affects anyone and everyone who doesn't live in NYC including other New Yorkers (think folks like Long Island, Westchester, etc.). Like the doorman at my former Brooklyn building who lives in Long Island for their kids.
In 1999, there was about 800,000 people in NYS (yes, just NYS not NJ or CT) who paid commuter tax and million plus when you count people outside of NYS who paid commuter tax (i.e. NJ, CT). If you put this in now in 2013, you are going to penalize millions of people who commute to NYC and these millions of people do not all work for financial institution.
Also commuters pay their share by paying NYS income (people living in NJ do pay NYS tax and get credit for NJ. Money goes to NYS), and these commuters buy stuff like food, beer after work in NYC which adds up to be millions of dollars in taxes. However, these people do not live in city and therefore how much of the services that NYC income pay for that commuters really eat up? For example, commuters don't live in city, commuters don't send their kids to NYC public school (excluding college).
Lastly. People who have the means that live outside NYC to maximize their tax planning. I'm pretty sure can afford to rent/buy in NYC too albeit smaller space. But what do you think will happen? For example, if I have to pay NYC income tax even if I live in Hoboken. I'll just rent a smaller place in NYC. More demand but you know supply is tight right now in NYC. It'll drive rent and sale prices up, pushing out lesser to do folks even more.
Thank you at least it's a response. I think it makes perfect sense and it's exactly how a non resident should respond, but I can extend the main argument about paying NYS taxes to NYC residents as well. Paying any tax at all is dumb when you're the one paying, but at the end of the day the bills need to be paid. Certainly anyone using any of the city's resource should share in the responsibilities (def not the 3.7% that some residents pay but even .37% would be good.)
On driving up demand, at least we'd gain contributors to the pot and maybe lose a leech or two along the way. If there are enough people making decent incomes living in the city maybe we won't need to tax 3.7% but less.
Please explain how city taxes go up due to trickle-down economics. That is the most absurd thing I've ever heard.
You can post links all day long. Doesn't change the fact that trickle-down works and works well. There's a reason China is using the model.
You're dumb. Thats al man. Using China as an example of trickle down economics is laughable. Yeah cant wait till Chinese ne year when al rgose factory workers have to save their pennies to gi back to some farm xinhua China.
Maybe that's the Bloomberg media division which might not have as many minorities. But the data side has a fairly large amount of minorities.
Well, at least they're SOMEWHERE in the company in good positions. He probably has the blacks working as messengers or mail people.
Quote:
But in the context of generating NYC income tax I know many that work at the Bloombergs JPM, Goldman that live across the river in JC just to avoid the nyc income tax. I always wonder why no one in the NYC forum supports brining back the commuter tax to get the people who work here but don't pay their share. The response is usually muted, yet people are get so emotional on taxing the rich.
I'm also amazed by this as well. The people fighting to not tax the rich on these forums are usually working and middle classes. It's like they feel that if they continually defend these people and pound on the poor, they'll look good to Bloomberg and his ilk.
I also agree that there should be a commuter tax. There used to be one. Don't know what happened to it.
Last edited by marilyn220; 11-25-2013 at 06:07 PM..
Thank you at least it's a response. I think it makes perfect sense and it's exactly how a non resident should respond, but I can extend the main argument about paying NYS taxes to NYC residents as well. Paying any tax at all is dumb when you're the one paying, but at the end of the day the bills need to be paid. Certainly anyone using any of the city's resource should share in the responsibilities (def not the 3.7% that some residents pay but even .37% would be good.)
On driving up demand, at least we'd gain contributors to the pot and maybe lose a leech or two along the way. If there are enough people making decent incomes living in the city maybe we won't need to tax 3.7% but less.
I agree with you about the leeching part. Reality is though, if you break down where the money from NYC comes from, bulk of it isn't from personal income tax. It is actually from property tax somewhere above 25% and personal income tax is around 10-13%.
If you look at 2014 budget for NYC, NYC is getting 11 mil and some change from NYS as grant so while NYC residents pay NYS. We also get some money back in grant from NYS. http://www.nyc.gov/html/omb/download...13_expreso.pdf
My view is that if we focus on something like commuter tax and squeeze. You'll get something but it'll disrupt the economy more than it'll help. Not only that, other states can retaliate and put in taxes too. There aren't many but there are number of folks who live in NYC but work outside it. Good example is the fact that Goldman Sach's HQ is across the water in Jersey City and not NYC and I know many folks live in NYC that commute to Jersey City via ferry or Path from WTC.
I think it is more pragmatic approach is for us to focus on where we can get the biggest bang for your buck which is continue to focus on property tax and cut expense. If you look at the tax breaks NYC gov't is giving to lure in development, some are quite lucrative and most people do not benefit from it. I don't think NYC needs to give 15-25 year tax breaks. Maybe 10-15 but not 15-25 year range. Also NYC spends big proportion of our money to education but majority of NYC public education system sucks. It is my view that because we spend a lot of our cash (percentage wise) in education that Bloomberg was trying to reduce it by doing stuff like shutting it down and letting people deal with it on their own through private charter stuff.
I'm no expert in NYC education system or how big real estate development deals go down. But I don't think NYC gov't need to give out 15-25 year tax breaks to get developers in here. 5-15 year tax break sounds lot more reasonable than 15-25 year. Also why do we pay so much for education in NYC and yet school system still suck. I think it is part of proof that parents need to get involved lot more than just thinking sinking money into education via teachers, tablets, and other fancy education stuff make that much difference.
Lastly we do spend a lot on social services and I get mixed feeling about that. There are ton of legitimate people who need services but I also know ton of people who don't and are just milking the system. This is one clusterf-k of problem I don't think anyone can solve without running into some major red tape and bureaucratic bs.
Good example is the fact that Goldman Sach's HQ is across the water in Jersey City and not NYC and I know many folks live in NYC that commute to Jersey City via ferry or Path from WTC.
We sure that they are headquartered out of JC and not the world financial center?
That's where I thought they moved from the building by stone st.
Yep they relocated from 85 Broad Street, everyone in one weekend.
BNP Paribas and Deutsche Bank have their IT Operations in JC. I don't know about the others.
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