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.
People that rag on the wealthy are so out of touch it's pathetic....but I guess you don't know what you don't have
Rich People as low lifes as they can sometimes be are human and do have a conscious. Some pay well over 50% in taxes...for the privilege of making it in this dog eat dog world. Others donate a CONSIDERABLE amount of money.
There has to be a better way than taxing the poor and punishing the rich.
Study the magic of U.S. GAAP ... the accounting practices in the U.S. are so flexible (aka shady), that the wealthy's accountants can legally set it up so that the wealthy pay less than the middle class do because the balance sheet balances out to almost no profit (income) every year. I saw it myself working in a big accounting firm with wealthy clients at tax time. Then take into account how the IRS Tax Codes benefit businesses way over people and the wealthy know this (and set themselves up as LLCs, Inc.'s etc. to do the heavy lifting of their income), plus how wealth obtained by investment instead of working is taxed at a lesser rate and that is how most of the wealthy make their money and they have it all over the rest of us. (Remember, Warren Buffett legally pays less income taxes than his secretary does ... and he admitted it.) Every single year there is also a list of giant corporations that pay little or nothing in income tax. Go google it. Pay attention people to who is really paying any taxes at all! Usually it ISN'T the wealthy or the big corporations as they have a way around it!
The wealthy of NYC are not leaving their fabulous lairs anytime soon because of DeBlasio.
But you can expect more of the middle class to flee out of sheer desperation due to increased oppressive taxation because they do not have access to the tax advantages the wealthy do.
The poor will stay and continue to populate, with even more poor relocating here due to the increasing benefits, further incentivized to move to NYC and NYS as other states make draconian benefit cuts to get rid of them.
Everybody is afraid the wealthy are going to run away from NYC, but they are not!
Either they already have themselves domiciled for tax purposes in a cheaper state OR for any type of new taxes DeBlasio brings on, their accountants will find a way to minimize it by minimizing their taxable income on paper like they've always done. I'm not lying about this!
The wealthy love living in their fancy lairs in NYC and showing off out and about in NYC with their pals, the rich and famous. The minute someone gets rich and famous, they are running to buy an apartment in NYC anyway.
I don't know why anybody is worried about potentially losing the wealthy from NYC. They're not going anywhere. Probably more are moving in. And anyway, they are not doing the average person any good. They stay to themselves and be rich together. So what.
Either they already have themselves domiciled for tax purposes in a cheaper state OR for any type of new taxes DeBlasio brings on, their accountants will find a way to minimize it by minimizing their taxable income on paper like they've always done. I'm not lying about this!
That's why Dinkins has been goading de Blasio to reinstate the commuter tax.
Everybody is afraid the wealthy are going to run away from NYC, but they are not!
Either they already have themselves domiciled for tax purposes in a cheaper state OR for any type of new taxes DeBlasio brings on, their accountants will find a way to minimize it by minimizing their taxable income on paper like they've always done. I'm not lying about this!
The wealthy love living in their fancy lairs in NYC and showing off out and about in NYC with their pals, the rich and famous. The minute someone gets rich and famous, they are running to buy an apartment in NYC anyway.
I don't know why anybody is worried about potentially losing the wealthy from NYC. They're not going anywhere. Probably more are moving in. And anyway, they are not doing the average person any good. They stay to themselves and be rich together. So what.
I don't think the wealthy are going to leave NYC. But if Ithey do, so what? And if the city's tax revenues go down, so what? City government is bloated anyway. And everyone is not afraid that they are going to leave NYC. A few right wing trolls on City Data are trying to create a panic. That's all. The average person in NYC is well aware that just because they live in the same city as billionaires that it doesn't mean that it will do them any good.
If the rich do flee NYC, though, I won't care. You'd have a collapse in real estate prices. Out with the old, in with the new. And I'd be proud I voted for de Blasio.....
If the rich do flee NYC, though, I won't care. You'd have a collapse in real estate prices. Out with the old, in with the new. And I'd be proud I voted for de Blasio.....
Thanks for cheering a real estate collapse in NY. Is that so you can afford to come back? If real estate collapsed, the homeowners of the city would hopefully get off of their ass and vote in another Bloomberg to fix it. Deblasio will certainly be a 1 term mayor if real estate prices begin to drop.
Thanks for cheering a real estate collapse in NY. Is that so you can afford to come back? If real estate collapsed, the homeowners of the city would hopefully get off of their ass and vote in another Bloomberg to fix it. Deblasio will certainly be a 1 term mayor if real estate prices begin to drop.
And if the city collapsed under de Blasio, and it led to another Bloomberg coming back to power, I'm fine with that as well. It will probably happen anyway. These things come and go in cycles.
At any rate, how de Blasio handles the unions and that upcoming fiscal crisis will also be key to his political legacy and future. If the unions get all they want, but it puts the city in a fiscal disaster (and the city has to lay off lots of workers) that could also affect real estate prices.
If real estate collapsed and it made the neighborhoods I'm interested in more affordable, I'd have absolutely no problem with that, Airborneguy. So you are absolutely RIGHT.
Mind you it's quite possible none of this will happen and things could remain fine under de Blasio. We'll see.
Last edited by NyWriterdude; 03-04-2014 at 05:19 PM..
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.
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.
