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Billionaires are leaving NYC and in turn NYC lost over $300b in revenue.

Mai72

Lifer
Sep 12, 2012
10,177
925
126
It's not just NYC. It's also Cali, and NJ as well. The wealthy who have had enough are leaving, and with that states are taking a huge loss in tax revenue. I know in my home state of NJ Govenor Murphy wants to tax the millionaires so we can shore up lost tax revenue due to the coronovirus. The issue is the wealthy are typically the ones that create the jobs, and they pay the majority in taxes. They also can leave the state if they feel that they are being unfairly targeted, and they have that option because of their immense wealth. In NYC, huge cuts are on the table. We could see less teachers, police, etc. Not a good look for De Blasio.

 
Nov 8, 2012
17,602
3,394
126
Ahhh the sweet sweet sound of the politicians desperately pleading for them to come back and offering to take them out to dinner.


Bbbbut why is he not telling the rich to go fuck themselves and instead chivalrously standing up for the lower and middle classes?



Oh yeah, because they don't pay shit for taxes. That's right.
 

Jaskalas

Lifer
Jun 23, 2004
29,491
2,994
126
Did they flee the virus? The violence on the streets? The high taxes? All of the above?
 

ultimatebob

Lifer
Jul 1, 2001
22,886
1,116
126
Did they flee the virus? The violence on the streets? The high taxes? All of the above?
Would you want to live in NYC right now if you had a choice? There are still tons of businesses and attractions that are shut down, and now they have to deal with increased crime and looting along with having to wear a mask basically everywhere to avoid getting sick.

All the summer vacation rentals around where I live in Connecticut were all rented out three months early this year, most of them from NYC residents trying to flee that insanity.
 

alien42

Lifer
Nov 28, 2004
11,852
1,794
126
The issue is the wealthy are typically the ones that create the jobs, and they pay the majority in taxes.
if every American who made less than $1 Million per year paid a 90% tax rate and those that made more paid 1%, they would still pay the majority in taxes.

what does that tell you?

i am also pretty sure that small business owners create the majority of the jobs in this country and not the ultra wealthy.
 

fskimospy

Elite Member
Mar 10, 2006
70,068
18,808
136
Oh god the stupidity of right wing people in this thread is already hilarious.
1) NYC did not lose $300 billion in revenue. This should stand out as self-evidently stupid to everyone, immediately. Do you guys know how math works?

2) The idea that these people left NYC due to tax policy and it just somehow magically coincided with the city being shut down because of a pandemic instead of with changes in tax policy is self evidently stupid.

Rich people aren’t spending time in NYC right now because all the amenities NYC has that rich people enjoy are not present. There is little reason to think those amenities will not return and when they do, those rich people will most likely return with them.

I mean guys come on, use your brains.
 

nOOky

Golden Member
Aug 17, 2004
1,752
521
136
Greed, fuck 'em. It's not that they don't have enough, they constantly want more. Perhaps if they paid their workers at least a living wage and took a bit less for themselves they should be offered some sort of tax incentive to stay. But when most of the rich don't pay their employees a living wage while they themselves are billionaires, and some of their employees are even subsidized by the government through food stamps etc. it's hard to be sorry for them. Especially what with the wage disparity being about as high as it ever has been. I guess the plebes haven't been trained enough in those cities to cry "socialism" when the taxes the rich pay actually go back into the community to help the people they refuse too adequately pay.
 

fskimospy

Elite Member
Mar 10, 2006
70,068
18,808
136
Would you want to live in NYC right now if you had a choice? There are still tons of businesses and attractions that are shut down, and now they have to deal with increased crime and looting along with having to wear a mask basically everywhere to avoid getting sick.

All the summer vacation rentals around where I live in Connecticut were all rented out three months early this year, most of them from NYC residents trying to flee that insanity.
NYC has one of the lowest infection rates in the country.

While I agree the amenities being shut down makes people not want to be here if you don’t want to get sick this is an excellent place to be.
 
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soundforbjt

Lifer
Feb 15, 2002
15,871
3,449
136
Would you want to live in NYC right now if you had a choice? There are still tons of businesses and attractions that are shut down, and now they have to deal with increased crime and looting along with having to wear a mask basically everywhere to avoid getting sick.

All the summer vacation rentals around where I live in Connecticut were all rented out three months early this year, most of them from NYC residents trying to flee that insanity.
Yet the crime rate is lower than anytime during Rudy's tenure.
 

fskimospy

Elite Member
Mar 10, 2006
70,068
18,808
136
It's not just NYC. It's also Cali, and NJ as well. The wealthy who have had enough are leaving, and with that states are taking a huge loss in tax revenue. I know in my home state of NJ Govenor Murphy wants to tax the millionaires so we can shore up lost tax revenue due to the coronovirus. The issue is the wealthy are typically the ones that create the jobs, and they pay the majority in taxes. They also can leave the state if they feel that they are being unfairly targeted, and they have that option because of their immense wealth. In NYC, huge cuts are on the table. We could see less teachers, police, etc. Not a good look for De Blasio.

The wealthy are not leaving these areas, if anything they are generally getting even wealthier.

The people leaving NYC, California, etc. are generally middle class people because they can’t afford the housing. Why can’t they afford the housing? Because they won’t build any more and more rich people keep coming in and outbidding them.
 

MrSquished

Diamond Member
Jan 14, 2013
7,497
2,368
136
The title is dumb. NYC's 2019 proposed balanced budget was close to 90 billion. How would they lose 300 billion in revenue? That would be the entire budget times 3. Makes no sense.

People pay a lot to live in NYC for the amenities. Everything from the dining to the opera to the shows and everything in between. No other city in the country comes even close to having so many of these things available in so small of an area. Most of those things are shut down right now. Due to Covid. Not for any other reason.The wealthiest have the resources to go live elsewhere for now and still keep their city homes. I wager almost all will be back. If you are addicted to what it is NYC has to offer in the manner it offers them, no other city in this country comes within a mile of that.

A lot of other folks that have means but aren't the super rich, are also moving out, most of them are going to the Northern Jersey burbs (the real estate market there is booming), Westchester, Upstate NY, Long Island and Connecticut, with a few going even farther away, usually cause they have family in some other state, and very few are getting jobs out of state and moving.
 
Nov 8, 2012
17,602
3,394
126
The wealthy are not leaving these areas, if anything they are generally getting even wealthier.

The people leaving NYC, California, etc. are generally middle class people because they can’t afford the housing. Why can’t they afford the housing? Because they won’t build any more and more rich people keep coming in and outbidding them.
WAAAAAAAAAH. WAAAAAAAAAAAAAAAH. PLEAAAAAAASE COME BACK! I'll take you out to dinner!

 

ivwshane

Lifer
May 15, 2000
28,182
7,997
136
So what’s the problem? Less rich people means less demand, less demand should mean lower prices for things such as housing. Sounds like a good thing to me.
 

fskimospy

Elite Member
Mar 10, 2006
70,068
18,808
136

brycejones

Lifer
Oct 18, 2005
19,234
10,028
136
It's not just NYC. It's also Cali, and NJ as well. The wealthy who have had enough are leaving, and with that states are taking a huge loss in tax revenue. I know in my home state of NJ Govenor Murphy wants to tax the millionaires so we can shore up lost tax revenue due to the coronovirus. The issue is the wealthy are typically the ones that create the jobs, and they pay the majority in taxes. They also can leave the state if they feel that they are being unfairly targeted, and they have that option because of their immense wealth. In NYC, huge cuts are on the table. We could see less teachers, police, etc. Not a good look for De Blasio.

STOP listening to idiots on YouTube.
 

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