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Awe c’mon, now. They will always keep a pied-à-terre. What is the use of flaunting it when you are not flaunting it in NYC. I, for one, don’t always feel like spending a month on my yacht in the Caribbean, and jetsetting on my private jet where I’m out of people’s sight. I like the attention that comes with my billionaire status. Just keeping it real.
Awe c’mon, now. They will always keep a pied-à-terre. What is the use of flaunting it when you are not flaunting it in NYC. I, for one, don’t always feel like spending a month on my yacht in the Caribbean, and jetsetting on my private jet where I’m out of people’s sight. I like the attention that comes with my billionaire status. Just keeping it real.
That's ok, more tax hikes, more speed cameras, and congestion tolls will take care of tax revenue shortfalls. NYC will keep finding ways to scrape more money from people.
What this article fails to say is that in many instances the income of the highest net worth individuals is ALREADY highly insulated from federal and state taxes, through offshore investment vehicles, tax free bonds, lower capital gains taxes, tax write offs on business losses, deductions for expenditures on business, etc. So the fallout could likely be a lot less than what it first seems. The very rich have long figured out ways to pay less tax than the rest of us.
IMO falling commercial real estate prices are a much bigger threat to local tax revenues that a handful of relocating billionaires or support for migrant workers — whose biggest goal is to find legal tax-paying jobs (which at least some can now do).
Last edited by citylove101; 11-13-2023 at 04:15 PM..
What this article fails to say is that in many instances the income of the highest net worth individuals is ALREADY highly insulated from federal and state taxes, through offshore investment vehicles, tax free bonds, lower capital gains taxes, tax write offs on business losses, deductions for expenditures on business, etc. So the fallout could likely be a lot less than what it first seems. The very rich have long figured out ways to pay less tax than the rest of us.
IMO falling commercial real estate prices are a much bigger threat to local tax revenues that a handful of relocating billionaires or support for migrant workers — whose biggest goal is to find legal tax-paying jobs (which at least some can now do).
I guess you didn't hear the taxpayers will be bailing out commercial real estate, Biden's new 37 billion dollar program will give developers and contractors tax breaks, low interest loans, grants, etc. for converting empty office buildings to residential affordable housing throughout the country!
“If you had someone who was earning $100 million [a year] in New York suddenly move to Florida, that’s something like a $11 million-a-year hit per year recurring to the state,”
The New York State annual budget is $233BIL a year. So a couple billionaires leaving doesn’t make a dent. It’s be a bigger story if the “top 1%” was leaving in droves. But this isn’t happening, the article didn’t say that it was.
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