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New York City is careening closer to all-out financial bankruptcy for the first time since Mayor Abraham Beame ran the city more than 40 years ago, experts say.
As tax-fleeced businesses and individuals flee en masse, and city public spending surges into the stratosphere, financial analysts say Gotham is perilously near total fiscal disaster.
Long-term debt is now more than $81,100 per household, and Mayor Bill de Blasio is ramping up to spend as much as $3 billion more in the new budget than the current $89.2 billion.
“The city is running a deficit and could be in a real difficult spot if we had a recession, or a further flight of individuals because of tax reform,” said Milton Ezrati, chief economist of Vested.
Democratic policies coming home to roost. Keep pushing out businesses, keep attacking and driving out high income and taxpaying individuals, and you get...NY. It will be interesting to see what leftist city collapses first. NYC, Chicago and LA are in the running.
Democratic policies coming home to roost. Keep pushing out businesses, keep attacking and driving out high income and taxpaying individuals, and you get...NY. It will be interesting to see what leftist city collapses first. NYC, Chicago and LA are in the running.
Hold on to your wallets NY because if living in Illinois has taught me anything it's that the only solutions they can up with is "More taxes" they'll continue to spend and even increase spending and then keep raising taxes to make up for the out of control spending until eventually everyone starts to flee the state and in return the state will now triple the taxes on the ones still there to make up for the lost tax revenue from the people who managed to escape. Good luck and escape while you can
Socialist could learn a lot from AA about needing to hit rock bottom before they are ready to change their life.
NYC has not hit rock bottom yet but it sounds like they are in a nose dive and about to run out of other peoples money.
Sounds like Amazon made a very wise decision to stay out of that state.
When they come to the Federal teat (again) I hope the response is No (again).
You gotta fix your own problems. If you can't do it when the economy is booming, just wait till it's in the crapper.
Democratic policies coming home to roost. Keep pushing out businesses, keep attacking and driving out high income and taxpaying individuals, and you get...NY. It will be interesting to see what leftist city collapses first. NYC, Chicago and LA are in the running.
So let's give away more billions to companies like Amazon then.
Democratic policies coming home to roost. Keep pushing out businesses, keep attacking and driving out high income and taxpaying individuals, and you get...NY. It will be interesting to see what leftist city collapses first. NYC, Chicago and LA are in the running.
Doesn't matter which one does collapse first. The left will blame Trump.
So let's give away more billions to companies like Amazon then.
Yeah but the state would've gained $27.5 billion in new tax revenue over 25 years, seems like that could've helped out. We would love to get that kind of money injection in Illinois, would be nice if Amazon would consider coming here would really help our state out but it's not going to happen because taxes are way to high here
"Amazon, by our current tax structure, would generate approximately $1 billion per year in new revenue," Cuomo wrote in a November op-ed article defending the HQ2 decision. "Our proposal offered that, when and if those revenues are realized, the government would effectively reduce their $1 billion payment by about $100 million for a net to New York of approximately $900 million. New York doesn't give Amazon $100 million. Amazon gives New York $900 million."
So let's give away more billions to companies like Amazon then.
I'm glad you and other Liberal Socialist don't understand how these credits work.
Capitalist in Texas do understand and we'll continue to attract the hundreds of Billions and jobs by giving a few Billion in credits.
Give away 7 Billion, Get back 40 Billion plus all the thousands of jobs and side support money. Pretty good deal to me.
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