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If a 1.5% increase on taxes on a millionaire seriously hampers them in some way, they are doing something woefully wrong, financially speaking. That's pocket change to them.
The key thing is that it is a 1.5% increase on an already high state/city tax rate (on top of federal). How many tax increases should such folks take before saying enough is enough? You say that 1.5% shouldn't hamper people much, but compared to some place that has zero city and state income taxes, the total percentage represents a pretty substantial chunk of change.
I also note that NYC's income tax was supposed to be temporary when it was first instituted, but we all know how that turned out.
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.
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.
New York City is home to nearly 1 million millionaires, more than any other city in the world
New York’s HNW population actually shrunk by 0.6 percent to 978,810 in 2018 but remained “65 percent larger than the second biggest city, Tokyo,” Wealth-X reports. In Tokyo that year, the HNW population was 593,025.
Look at this, what are the right figures? A or B ? Thirty thousand or a nearly Million?
30,000 families earning at least $1 million a year.
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New York’s HNW population actually shrunk by 0.6 percent to 978,810 in 2018 but remained “65 percent larger than the second biggest city, Tokyo,” Wealth-X reports. In Tokyo that year, the HNW population was 593,025.
HNW refers to high net worth.
Like most careless actors in the mass media and careless readers, you are confusing annual income (in one year, a flow) and accumulated wealth (over a period of years, a static number counted at a moment in time).
Both could be right as they are measuring two different things.
While the two often do go hand-in-hand, high income earners are not necessarily always wealthy (they may spend it all), and people with wealth do not necessarily always have high incomes (they may live frugally on relatively modest income generated by accumulated wealth).
Real estate taxes are the closest thing that most US jurisdictions (and around the world) have to a wealth tax, plus estate taxes.
No system is without flaws, but if you want a relatively easy and already established way to tax the wealthy, have graduated tax brackets on assessed real estate values.
Establishing a tax on total wealth would have way too many flaws and loop holes.
Estate taxes are already riddled with loop holes.
Let's not even talk about loop holes in income taxes, much of the income tax code is a cryptic joke, and headline stories about income taxes on the wealthy - already an oxymoron - mainly reflect lip service by actors in political theater for mass audience consumption.
That's why the main real policy is to issue debt, it's a question of a few keyboard strokes at Treasury, Federal Reserve, and bank accounts on down the line, with little resistance from anyone.
Like most careless actors in the mass media and careless readers, you are confusing annual income (in one year, a flow) and accumulated wealth (over a period of years, a static number counted at a moment in time).
Both could be right as they are measuring two different things.
While the two often do go hand-in-hand, high income earners are not necessarily always wealthy (they may spend it all), and people with wealth do not necessarily always have high incomes (they may live frugally on relatively modest income generated by accumulated wealth).
yes you are right, as per 2018
978,810 millionaires in NY , net worth a million or more
but
30,000 families who make a million a year or more
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How do you think most of their finances have been affected or not affected by this pandemic era we're in , up to this point since it started?
Close to a million who have a net worth of a million dollars or more in NY? It seems shocking although I suppose it's their assets all combined
978,810 millionaires in NY , net worth a million or more
but
30,000 families who make a million a year or more
_______________________
How do you think most of their finances have been affected or not affected by this pandemic era we're in , up to this point since it started?
There are as many answers as there are individual cases; each asset holder - including heads of households - has a different set of assets and circumstances and different ways of managing them.
Quote:
Originally Posted by jonbenson
Close to a million who have a net worth of a million dollars or more in NY? It seems shocking although I suppose it's their assets all combined
Yes, all assets combined, including real estate and the value of any interests in any businesses in the form of partnerships and LLCs and trusts, and also in probably the majority of cases it includes assets accumulated over generations.
So, if anything is surprising, it's that the number of those with a net worth of a million dollars or more in NY is fewer than a million, a number that seems too low. You would have to analyze the study and see how they came up with that number.
I don't mind the wealthy being taxed more. I don't think that it'll lead to an exodus either. If that were the case, NYC wouldn't have many wealthy residents because it has never been the cheapest place to live in the US.
On the other hand, their needs to be done type of decent ROI on government spending. Taking money from one group of people and giving it to another just do that it goes to frivolous spending only helps the politicians and those receiving that cash. Meanwhile, the citys infrastructure and institutions are a joke.
People keep saying the rich won't leave cause they haven't done it in the past. As if the NYC of 2000 or 2010 was anything like the NYC of 2021. That is delusional. It's not, and in very deep ways that are not going to fix themselves by lifting the bar curfew.
And yes, the government will find ways to waste that money. Our comptrollers sleep on the job, or spend their work time campaigning for the next step up - Stringer isn't the first one to do that. In the meantime it's not that unusual for the city to order a few million dollars' worth of tech and misplace it, or leave it sitting in a warehouse till it's so old that it's not supported by the manufacturer any more. Or hire consultants that make a few hundred bucks an hour but don't have the skills they claimed they have, and have to learn on the job, on the city's dime. And all that spending on bike lanes in the fall, when the city was supposedly in the red
Working from home is here to stay. People in finance don’t have to be in the office. They can work from anywhere and rent space for meetings when needed.
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.
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.
New York City is home to nearly 1 million millionaires, more than any other city in the world
New York’s HNW population actually shrunk by 0.6 percent to 978,810 in 2018 but remained “65 percent larger than the second biggest city, Tokyo,” Wealth-X reports. In Tokyo that year, the HNW population was 593,025.
There is a big difference between earning over $1mm a year and having a net worth of over $1mm so both figures are likely approximately correct.
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You say that 1.5% shouldn't hamper people much, but compared to some place that has zero city and state income taxes, the total percentage represents a pretty substantial chunk of change. 
