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.
Bloomberg quantifies how reliant NYC is on the top 1-5% of income earners. If they continue to leave and don't come back, the city's budget will be in big trouble. Click the link for the full article with images, charts, etc.
Before Covid-19 hit, New York City was home to many of the richest people in the world, an elite group of 30,000 families earning at least $1 million a year.
Gotham’s future will be decided by how many of these super-wealthy people remain after the pandemic is over.
The top 1% of New Yorkers reported a combined $133.3 billion in income in 2018, according to new data released last month by the city’s Independent Budget Office. They paid $4.9 billion in local income taxes, making up 42.5% of total income tax collected by the city.
Those numbers show how the decisions of a tiny number of millionaires and billionaires could have huge fiscal consequences for a city of more than 8 million people. In 2018, 1,786 tax filers earned more than $10 million or more.
The top 1% — about 38,700 taxpayers — earned almost as much as the bottom 90% of New Yorkers. The top 5% earned more than the bottom 95%.
New York’s richest residents were quick to leave in March, when the city became the center of a Covid-19 outbreak killing about 1 in 400 residents.
Since then, some New Yorkers have returned. Many others have stayed away, with rents on city apartments falling as suburban home prices rise. Wealthy people in the New York area tell advisers they’re thinking about permanent moves, especially to Florida, which doesn’t have a state income tax.
In New York, the city levies its own income tax of as much as 3.876% in addition to the state’s top rate of 8.82%.
“I’m fielding calls from people who want to get out of New York and New Jersey,” said Geoffrey Weinstein, a tax attorney at Cole Schotz. “People are getting more comfortable with working remotely.”
The incomes of the top 1% have jumped since the last recession. To join the richest 1% of New Yorkers in 2018, one needed an income of over $811,663. That’s up from $493,400 in 2009 when the recession ended.
One factor still keeping many affluent families in New York is its educational amenities, Weinstein said. “The number one issue is school, for people who have children.”
Over the last decade, the number of ultra-rich children in the city has grown sharply, the Independent Budget Office data show. In 2009, the year the recession ended, tax filers earning at least $1 million listed 15,926 children. By 2018, 31,137 were listed — a 95.5% increase. Meanwhile, in households with incomes up to $100,000, there was a 14.9% decline in the number of children. Among households with incomes of up to $50,000, there was a 19.8% drop.
Overall, the number of kids in the city as reported on tax returns peaked in 2012 and has fallen consecutively since.
Wow. To someone who understands math, this article would be alarming. But I suspect that our mayor and chancellor both just barely scraped by in that subject in school.
Wow. To someone who understands math, this article would be alarming. But I suspect that our mayor and chancellor both just barely scraped by in that subject in school.
De Blasio is too busy salivating at the idea of "gubment" handouts for his reckless spending.
None of this information magically appeared recently. This has always been known, yet leftism has flourished anyway. Hopefully it comes to pass and the left finally forces itself to feel the full pain of its policies.
You see it right here from some posters. They want to punish the earners to benefit the losers. Good, let it happen. The earners will leave and the left will still be sitting here screaming about white privilege as if speaking the words will invoke some form of financial magic.
Bloomberg quantifies how reliant NYC is on the top 1-5% of income earners. If they continue to leave and don't come back, the city's budget will be in big trouble. Click the link for the full article with images, charts, etc.
While the moving trends among (ex)-New Yorker top 1%-5% earners are neither new nor surprising, the trend of lower rate of procreation among lower income people buried within the data is mildly encouraging. If those earning less than $50k per household are having 20% less kids, that is 20% more chance that they may be able to feed those kids, and pay attention to raising them. A 20% progress in the right direction is not great, but it is something.
On top of all the NY taxes, Biden wants to raise federal taxes on the wealthy.
Any wealthy New Yorker that hasn't fled will let their smart accountant use their vacation home in a low tax state as their taxable permanent address, to the detriment of NY. This is what you get when liberals run things.
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.
NYC LOVES cheap, illegal labor!
.
