- Sep 12, 2012
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.