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New York billionaire Thomas Golisano announced today his reasons for leaving the state, but said he will still keep an interest in New York politics.
Golisano, who currently spends three to four months out of the year in Florida, said he will become a legal resident of the sunshine state due to excessive taxes placed on the rich in New York. Golisano, who ran for governor twice, said he will have to pay $13,800 a day in taxes if he stays in New York, roughly $5 million a year.
Golisano leaving New York to escape income taxes : City & Region : The Buffalo News (http://www.buffalonews.com/cityregion/story/672153.html - broken link)
The billionaire earlier this year told The Buffalo News that the only thing keeping him in New York was his family. “The only reason I’m staying in this state is I have family here. Economically, it just doesn’t make sense,” he said in February.
But since then, Gov. David A. Paterson and lawmakers approved a state budget that will raise $4 billion in new income taxes this year on wealthier residents. In Golisano’s case —and anyone else making more than $500,000 this year — he is seeing his state tax rate go from 6.85 percent to 8.97 percent.
Its that same with corporate tax rates in America. We either have the highest corporate tax rate in the world, or the second highest, and we wonder why corporations are sending jobs overseas.
Democrats would have a collective orgasm if 0bama raised our corporate tax rates even higher, they raised taxes in New York. After all, raising taxes stimulates the economy, and lowering taxes causes economic collapse in their eyes.
The rising cost of living in the five boroughs, combined with a city economy that has been unable to create enough well-paying jobs, has led tens of thousands of middle class New Yorkers to leave the city in recent years and kept others stuck among the ranks of the working poor, a new report shows.
The city, which for much of its history thrived as a place where people from poorer backgrounds could climb into the middle class, is in danger of losing that piece of its identity, the report says.
Like the old competition to have the world's tallest building, New York can't resist having the nation's highest taxes. So after California raised its top income tax rate to 10.55% last month, Albany's politicians leapt into action to reclaim high-tax honors. Maybe C-Span can make this tax competition a new reality TV series; Carla Bruni, the first lady of France, could host.
New York legislators will impose an additional two percentage point “millionaire tax†on singles who earn $200,000 and couples that earn $300,000 a year according to the Journal. This puts New York’s top income tax rate at 8.97 percent, and 12.62 percent for those that live in New York City. With the additional “millionaire tax†and additional taxes and fees on bottled water, cigars, hunting and fishing, utilities, and various city services, New Yorkers will pay roughly $7 billion in new or higher taxes next year, according to The New York Times.
Journalalso noted, “According to Census Bureau data, over the past decade 1.97 million New Yorkers left the state for greener pastures – the biggest exodus of any state.â€
Rush Limbaugh Will 'Lead the Way' Out of Highest Tax State (http://www.businessandmedia.org/articles/2009/20090413132921.aspx - broken link)
Apparently you people don't know anyone that has left NY. Everyone I know that left went because of the ridiculous cost of living of which taxes were included in that. Being in the 2nd largest banking capital in America I got to see that first hand. Now why would anyone leave the largest banking capital for the second largest? Here's a clue it's not because of higher taxes in the place they moved to. Funny though, in knowing many of those folks who left, many of them go to the polls trying to make this place like the place they used to live in.
I agree that the middle class are leaving NYC. How can they compete for real estate and property when the wealthy could pay more for it.
You can't get a stuidio apartment for less than $200K in NYC.. and it's the size of a closet.
Where there is a large concentration of wealth and wealthy.. there is a larger and higher cost of living pushing out the middle class . leaving the wealthy and the rest that stay to work there are working poor.. because they can't competet with the wealthy for resources.
First off.. we're talking about howt his guy is leaving nYC because of what the article says. My argument has been that while he may choose another place as his primary residency.. his businesses are NOT leaving NYC AND he will probably still have property in NYC.
So... what we are arguing about is about this man leaving.. AND I have said the SAME THING YOU have said.. that he is not TRULY leaving NYC. THAT was what I was driving at in my post to you.
the entire argument is ridiculous anyway.
Yes I agree your argument is ridiculous and based on assumptions.
Not at all what I said, but your twisting the comments to pretend I did is expected. This privat citizen in the story decided not to spend ANY of his money to develop ANYTHING in NYC anymore. He decided that he would rather give his money to another city to spend.. For your slowless the equation is..
Choose from City A or City B, and if you choose City B, then City A loses..
I was addressing your comment proposing that the solution was for NYC to have cut spending. You did say that, did you not?
Quote:
Originally Posted by pghquest
You tax someone to much, they move, you lose revenue and then have to cut services or raise taxes on everyone that cant afford to move. The irony that you liberals dont understand this, even though this is a prime example of it isnt lost.
Well, your arguments are simplistic, if nothing else. As has already been pointed out, people (even rich people) are not driven from place to place about the country by relative tax rates. If they were that dumb, they would not be rich. Except perhaps through inheritance of much more money than common sense. You are attempting to pump life into just another silly version of "If Bush wins, I'm moving to Canada!" or "If Obama wins, I'm moving to Australia!" It's all just hot air once you get down to brass tacks...
The only thing that matters is if they make more money living there or not. If it's cheaper to move somewhere else and they will in the end have a larger net worth all the ridiculous arguments in the world won't stop them. If someone saves $5,000,000 in taxes what makes you think they don't consider that as income. $5,000,000 is a lot to anyone, even the rich. It's not a lot to people who are not rich, apparently, when looking at it as total net worth.
Who's more frugal in your eyes a middle class person or someone rich? Knowing a few people who were "rich" they almost never blew their money on much of anything. In fact at least two of them wouldn't go into any situation without thinking about how to make money on it.
Apparently you people don't know anyone that has left NY. Everyone I know that left went because of the ridiculous cost of living of which taxes were included in that. Being in the 2nd largest banking capital in America I got to see that first hand. Now why would anyone leave the largest banking capital for the second largest? Here's a clue it's not because of higher taxes in the place they moved to. Funny though, in knowing many of those folks who left, many of them go to the polls trying to make this place like the place they used to live in.
I left NY for the high cost of living.. NOT just the taxes. but everything else was more expensive. I"m not arguing that people are leaving..
But the reason the costs are so high is because you are competing with the wealthy for reasources..housing .. etc. If you cna only pay $200K for a house but the next person can pay $300K for ah ouse.. guess what.the second person is giong to get that house.
I picked an erea that wasn't known for NY'rs moving too..although I think it is a well kept secret because I've met quite afew from NY an NJ here..but they are NOT the type that want the same things that ended up costing us so much where we came from.
And the point you make above is the point I was trying to make. Those people are going to move out of NYC, bring their wealth with them.. and then bring that high cost of livign right along with them. It may not be as high at first, but soon enough it will reach the same proportions. It's the complaint I've heard comign from people in South Carolina.
the entire point is that NYC is not going to fall into the abyss because, as the article says this man's income tax is gone.
the cost of living will need to decrease in NY.. no doubt.. because the ONLY thing that will be left is the "rich" and the "poor".. becasue of all the costs associated with living in NY. It's a cycle.. just like anything else.. NY is going through a cycle now.. and in 20 years we'll be back into another cycle yet again.
AND.. liek someone else pointed out. wall Street is in NYC.. adn thereby people that work in NYC will live in the outlying suburbs or in NYC it'self. NY will NOT fall off the face of the earth and new businesses will always be coming and going in NYC.
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