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The potential outflow of wealthy New Yorkers, who help to pay a large share of personal tax revenue to the city and state, has been a top concern for many who still remember the city’s fiscal crisis of the 1970s. But there’s been little evidence yet of a major hit to the city’s tax base, says James Parrott, director of economic and fiscal policies at the Center for New York City Affairs at the New School. “The data doesn’t support the argument that out-migration of high-income people weaken the tax base in any way.”
That’s not to say that geographic reshuffling might not have other impacts on city tax revenue, from changes in consumer spending, to dips in property taxes from lower housing prices. To Parrott and others, one of the most important questions going forward will be not who leaves the city, but who moves in.
“The biggest challenge is not so much who would leave or who has left, but who does not come to New York in the first place,” said Michael Hendrix, director of state and local policy at the Manhattan Institute. “That’s where I would say the biggest talent question comes in. We should question whether New York is attractive to new people again and not just for the rest of the country but the rest of the world.”
Excerpt: Millionaires and Billionaires leaving NY? but to what extent ?
Response: Opinion
If you run a company from your desk you can setup shop anywhere.
It comes down to the services you are supplying that matter.
If you are running a maintenance or repair company your success revolves around your
fixed and stationary contracts. Example: Building Maintenance and Repair.
Raise the taxes on the company and the company will trickle it down to the employee by
doubling his rate of work for the same pay. The less talented or older will be dumped
by a steady and available stream of enthusiastic talented and local employees.
If you are running a software business your success revolves around your clients and the
work can be performed from anywhere in the world. If tax breaks happen to go in your favor then
it makes success that much sweeter. If the company decides to dump all its employees for a third
world country paying only $6 dollars a month............You get the picture.
This game has been going on for hundreds of years....................
Taxing the rich will only destroy the worker in the end.
^obviously you didn't watch the video. The video is not about whether or not there should be a certain tax rate
it's about if the rich are leaving New York to the extent it has been publicized
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