New York to implement Millionaire's Tax - it's about time!

[lamexican]

Originally Posted by shorebaby

I am not sure I agree. Bonus has always been the compensation structure on Wall Street and the government has made it quite clear that they will not tolerate large bonuses anymore. The days of huge bonuses are over. I never heard about changes in compensation on Wall Street before the AIG mess. Ask your customers if they think the days of big bonuses will be back to a person they will tell you no.

You are tying in bonuses that are payed by the tax payer vs. the bonuses payed by the private company. My customers don't seem to be so preoccupied by what the government is doing as you are. That is why don't understand the rhetoric I hear from tv and internet. All that I've experienced in the meetings that I've (only heard part of) has nothing to do with taxes.

[mrbob]

Originally Posted by shorebaby

Put aside weather or not people or companies will leave, the city is taking a huge hit in revenue because of lost Wall Street jobs but more importantly the permanent change in compensation that will greatly reduce the income of Wall Street employees therefore reducing taxes they pay to the city. The jobs may come back but the compensation structure is forever changed leaving little hope that the lost revenue will ever be made up. And we are talking about 1/3 of the city's economy, plus these changes will affect other businesses. Restaurants, car service etc.

You are way off the mark - as usual. Yes, the city is taking a hit on revenue right now - but it is nowhere near the disaster you are proclaiming..

The city will be back very strong - and sooner than the general economy rebounds - because Wall Street always leads the recovery.

Yes - there will be some curbs on executive compensation - but not nearly as drastic as you imagine...

Lots of folks hate NYC and New Yorkers (just like they hate Obama) - and have been praying for it's downfall for my entire adult lifetime...

Why - even on 9/11 - there were people in this country saying 'good - that should make them less upity'...

[texdav]

It make make estate more afforable but it will be more liket eh afforsable real estate in many cities in decay;only a fool would want that for his sate. I can juts imagine New york with a 10% commercial real esate occupaancy;it would be like somethign from a esacping new york movie. Decay can happen pretty quickly in a city has we have seen.Afterall it would be like you know NY city for very long.You also seem to ignore waht is happening in the business world over the last decades. New york isn't idea really if you look at it;other than based on past polical influenece and that is wanning. You are just hoping against hope really as things can happen fast.Business relys less on braodway than broadway does on business.Afetrall;hollywood started in new york.

[GOPATTA2D]

Originally Posted by MovingForward

Property taxes in Texas are really high.

But there is no state income tax. Property taxes are even higher in the NE, and they have city and state income taxes.

[BringTheContent]

Originally Posted by Rakin

We all wish NYC the best but one thing I've got to know ...

Why the heck did you guys elect Hillary to the Senate ?

Not all of us did!

[Geechie North]

Good.

Batra called for that 15 years ago.

Now if we can get the marginal tax rate for the top back up to 70% like it was in the 60's.