Richest New Yorkers Will Devastate City If They Leave With $133 Billion (Yonkers: income tax, live in)
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NYC can just get funding from Federal, and State. As long as rich dont leave country, govt at any level will get a piece of it. Now if the rich are evading by doing something like keeping an overseas tax shelter account, then NYC not getting it anyways.
Plus when did the city collect "city" income tax? Its state, and fed only. City has property taxes. Well, once the rich leave, our RE prices should plummet making it easier on the regular folk.
Or are you talking about spending money in the city? Well, as little disposable income poor people have to spend, rich folk can only desire to spend so much of their money at once. There are only so few rich to patronize so few businesses. So their spending does not affect the majority of NYCers.
NYC can just get funding from Federal, and State. As long as rich dont leave country, govt at any level will get a piece of it. Now if the rich are evading by doing something like keeping an overseas tax shelter account, then NYC not getting it anyways.
Plus when did the city collect "city" income tax? Its state, and fed only. City has property taxes. Well, once the rich leave, our RE prices should plummet making it easier on the regular folk.
Or are you talking about spending money in the city? Well, as little disposable income poor people have to spend, rich folk can only desire to spend so much of their money at once. There are only so few rich to patronize so few businesses. So their spending does not affect the majority of NYCers.
NYC charges a separate income tax for NYC residents in addition to federal and state. You don't see this on your paystub because you live in NJ.
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NYC can just get funding from Federal, and State. As long as rich dont leave country, govt at any level will get a piece of it. Now if the rich are evading by doing something like keeping an overseas tax shelter account, then NYC not getting it anyways.
Plus when did the city collect "city" income tax? Its state, and fed only. City has property taxes. Well, once the rich leave, our RE prices should plummet making it easier on the regular folk.
Or are you talking about spending money in the city? Well, as little disposable income poor people have to spend, rich folk can only desire to spend so much of their money at once. There are only so few rich to patronize so few businesses. So their spending does not affect the majority of NYCers.
NYC collects a city income tax of 3.08% to 3.8%, in addition to NY State income tax, federal income tax, and property taxes. I thought that was known to everyone, but apparently it is not known in New Jersey.
PS- I guess Seventh already said this a few seconds before I finished typing.
City income tax is one of among many reasons why I moved to the suburbs. Also a major reason why most wealthy people who live in NYC don't use their NYC address as their main address,despite living there fulltime.
I live in Queens. I have only ever written checks to NY State, and IRS. My accountant is here too.
You need to really look at your paystub.
From NYC DOF website:
Personal Income Tax
"New York City residents must pay a Personal Income Tax which is administered and collected by the New York State Department of Taxation and Finance."
I live in Queens. I have only ever written checks to NY State, and IRS. My accountant is here too.
I have never been a tax resident of NYC, but my recollection of NY State income tax return form is that it has an extra section for residents of NYC. Therefore, NYC tax is probably reported in the same form with the state tax, and included in NY State tax payment. NYC residents would know with certainty whether this is the case.
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