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How would it be fair that 4% pay 80% of the taxes do those people consume 80% of the city's resources?
"It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion"
- Adam Smith, The Wealth of Nations
You would think Adam Smith had a clue or two about how capitalism works. Or, would you rather call him having unfair ideas if not downright socialist?
Nope guard dog of the poor, if the rich leave who pays the taxes? Woof woof!
The top 1% in NYC pay 50% of the taxes - but they earn 50% of the money. The other 99% of the taxpayers in NYC dont earn a fraction of what these guys make, or made. Everyone - not just the rich - pays the same high rate of state and local taxes - it's hard for everyone. M. Bloomberg is concerned about all the financial-sector jobs disappearing. But when you run a city you should be prepared for what to do in a rough downturn - what if that 1% you're relying on so heavily were to shrink. Cant imagine they dont have a plan.
Well the gap certainly will be less after this tax since many of the rich will leave, Who will pay the taxes then?
Lol...Are you serious??? I would expect such a comment by someone that isn't a local, but you know better. This is the land of the rich and they use it as a status symbol. They don't mind paying for things that they can show off.
In fact, according to the Census, the population of New York City is just a shade over eight million. If you were one million off with your population count, how far off might you be with those other numbers?
I noticed that there was no link or source to the numbers. Perhaps we should see where he got his numbers. I bet they aren't very accurate.
Nope guard dog of the poor, if the rich leave who pays the taxes? Woof woof!
I'm starting to wonder if you're lying about being from Hoboken, NJ. Your posts are lacking any knowledge of NYC whats so ever. Maybe you need to make use of the PATH. NJ is a complete different place than NYC.
The top 1% in NYC pay 50% of the taxes - but they earn 50% of the money. The other 99% of the taxpayers in NYC dont earn a fraction of what these guys make, or made. Everyone - not just the rich - pays the same high rate of state and local taxes - it's hard for everyone. M. Bloomberg is concerned about all the financial-sector jobs disappearing. But when you run a city you should be prepared for what to do in a rough downturn - what if that 1% you're relying on so heavily were to shrink. Cant imagine they dont have a plan.
actually, there is a new tax on incomes above 300,000, then again at 500,000. so once again, the rich are paying for everyone.
straight from the Mayor's mouth: Shazam! Mayor Bloomberg Finally Understands Who Pays NYC Taxes
BLOOMBERG: One percent of the people that live in the city, the households that file in the city pay something like 50% of the taxes. In a city that's about 40,000 people so, you know, a handful left, any raise would make it revenue neutral. The question is, "What's fair?" If one percent are paying 50% of the taxes, you want to make it even more? A little over half the people, half the households who file tax returns don't pay any taxes. And about 30% of the households that file get a credit from the government. The government sends them a check. That's the Earned Income Tax Credit.
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