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

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K1052

Lifer
Aug 21, 2003
35,195
8,520
136
Did they flee the virus? The violence on the streets? The high taxes? All of the above?
The rich bolted for 2nd homes or rentals in the Hamptons and upstate (Catskills, Hudson Valley, etc) in March when the virus was hitting the fan. There is a second wave of monied people buying and renting in upstate due to the uncertain situation with schooling and companies likely on remote work through the middle of next year. These will end up being 2nd homes when full life resumes in the city.
 

K1052

Lifer
Aug 21, 2003
35,195
8,520
136
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.
COVID essentially hit the fast forward button for anybody with kids who would eventually move to the burbs in a few years anyway or people that would end up relocating to other metros for work, lower cost of living, or family situations.
 

pauldun170

Diamond Member
Sep 26, 2011
7,172
2,355
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.

Billionaires leaving NY?
Well, then its an easy question for you since its a a fairly small community of very well known people..
Name the billionaires leaving the state and who they sold their property\assets too.

Please put some effort into vetting your sources of entertainment before basing some discussion thread around it.
 

ultimatebob

Lifer
Jul 1, 2001
22,920
1,135
126
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.
Most of the people who fled here from NYC showed up in April, when the infection story was quite different. They aren't going back, though.
 

dank69

Lifer
Oct 6, 2009
26,067
6,050
136
Nov 8, 2012
17,671
3,436
126
The issue is people like you constantly falling for easily debunked lies.
And then there are folks like you - who can't acknowledge the truth because it would hurt your fee fees

The bottom 25% of income earners are literally a net-negative on our federal income tax due to things like EITC, Child tax credits, etc..
The top 50% of income earners contribute most of the remainder with a total of 97% of all federal income tax.
The top 10% literally pays 70% of all Federal Income Tax. So tell me again how the wealthy aren't being heavily leaned on and the poor folks are doing so much?



.




But don't let facts get in the way of your feelings.
 

fskimospy

Elite Member
Mar 10, 2006
70,181
18,981
136
And then there are folks like you - who can't acknowledge the truth because it would hurt your fee fees

The bottom 25% of income earners are literally a net-negative on our federal income tax due to things like EITC, Child tax credits, etc..
The top 50% of income earners contribute most of the remainder with a total of 97% of all federal income tax.
The top 10% literally pays 70% of all Federal Income Tax. So tell me again how the wealthy aren't being heavily leaned on and the poor folks are doing so much?



.

But don't let facts get in the way of your feelings.
Oddly enough it's very clear that you can't acknowledge the truth because it would hurt your fee fees. I've corrected you on this multiple times but you keep repeating the same nonsense. What you say is true if you ONLY count federal income tax, but there's of course no logical reason to do that. If you count ALL TAXES AND FEES, meaning all the money someone has to pay to the government each year, the share of money paid as compared to the share of national income is pretty even.

You of course don't want to do this because you don't want facts to get in the way of your feelings.
 
Nov 8, 2012
17,671
3,436
126
Oddly enough it's very clear that you can't acknowledge the truth because it would hurt your fee fees. I've corrected you on this multiple times but you keep repeating the same nonsense. What you say is true if you ONLY count federal income tax, but there's of course no logical reason to do that. If you count ALL TAXES AND FEES, meaning all the money someone has to pay to the government each year, the share of money paid as compared to the share of national income is pretty even.

You of course don't want to do this because you don't want facts to get in the way of your feelings.
Accounting for things such as FICA taxes (SS/Medicare) has no bearing on our yearly budget of federal expenses. These are also essentially what amount to "forced retirement savings" since you in theory can get the money back at retirement. Regardless, they have no bearing or argument for federal expenditures.

Any other taxes you're likely to list off are probable to only states/localities such as sales tax. These have nothing to do with our federal government.


So no - you still have no argument. Try again, this time with that whole thinky thing ;)
 

fskimospy

Elite Member
Mar 10, 2006
70,181
18,981
136
Accounting for things such as FICA taxes (SS/Medicare) has no bearing on our yearly budget of federal expenses. These are also essentially what amount to "forced retirement savings" since you in theory can get the money back at retirement. Regardless, they have no bearing or argument for federal expenditures.

Any other taxes you're likely to list off are probable to only states/localities such as sales tax. These have nothing to do with our federal government.

So no - you still have no argument. Try again, this time with that whole thinky thing.
This is literally a thread where the OP, and the poster you are responding to, are talking about state and local taxes, hahahaha. They said absolutely nothing about federal taxes only, you just made that part up. So try again, this time with that whole 'thinky' thing. The percentage of taxes and fees paid by Americans as compared to their share of national income is roughly even. (it is slightly progressive, last time I checked)

So basically you didn't bother to understand what the thread was about and then tried to cite a misleading statistic while calling other people stupid and emotional reasoners. lol.

Please keep going, this is getting funnier and funnier.
 
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fskimospy

Elite Member
Mar 10, 2006
70,181
18,981
136
Guys, the rich pay a way larger percentage of taxes than everyone else so long as you only count this one very specific tax and ignore all the others.

I am very smart.
 
Nov 8, 2012
17,671
3,436
126
This is literally a thread where the OP, and the poster you are responding to, are talking about state and local taxes, hahahaha. They said absolutely nothing about federal taxes only, you just made that part up. So try again, this time with that whole 'thinky' thing. The percentage of taxes and fees paid by Americans as compared to their share of national income is roughly even. (it is slightly progressive, last time I checked)

So basically you didn't bother to understand what the thread was about and then tried to cite a misleading statistic while calling other people stupid and emotional reasoners. lol.

Please keep going, this is getting funnier and funnier.
It really isn't. But again, why use facts when you can use your feelings instead?
 

Ajay

Diamond Member
Jan 8, 2001
7,618
2,774
136
The rich bolted for 2nd homes or rentals in the Hamptons and upstate (Catskills, Hudson Valley, etc) in March when the virus was hitting the fan. There is a second wave of monied people buying and renting in upstate due to the uncertain situation with schooling and companies likely on remote work through the middle of next year. These will end up being 2nd homes when full life resumes in the city.
^This. Billionaires own many homes, in the US and around the world. Nice (Fr) would be very nice this time of year.
 

hal2kilo

Lifer
Feb 24, 2009
15,281
3,498
136
The rich bolted for 2nd homes or rentals in the Hamptons and upstate (Catskills, Hudson Valley, etc) in March when the virus was hitting the fan. There is a second wave of monied people buying and renting in upstate due to the uncertain situation with schooling and companies likely on remote work through the middle of next year. These will end up being 2nd homes when full life resumes in the city.
It's the buying opportunity of the lifetime. Low interest rates, people about to go bankrupt. Just another reconsolidation in action for the monied.
 
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fskimospy

Elite Member
Mar 10, 2006
70,181
18,981
136
It really isn't. But again, why use facts when you can use your feelings instead?
Did you not read the thread? lol.

If you think 'the rich pay way more in taxes so long as you magically decide not to count all these taxes' is a factual and not emotional argument then knock yourself out. ;)
 
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Mai72

Lifer
Sep 12, 2012
10,197
936
126
I don't know if anyone has seen the argument James Altucher got into with Seinfeld. Basically, Seinfeld called James an idiot. James makes the point that NYC is going to pot because the wealthy are leaving, severe decrease in tax revenue, and a large group of essential workers are going to be cut. He seems to hate De Blasio as well. It is Fox Business, so they are going to push their agenda.

 

brycejones

Lifer
Oct 18, 2005
19,275
10,086
136
I don't know if anyone has seen the argument James Altucher got into with Seinfeld. Basically, Seinfeld called James an idiot. James makes the point that NYC is going to pot because the wealthy are leaving, severe decrease in tax revenue, and a large group of essential workers are going to be cut. He seems to hate De Blasio as well. It is Fox Business, so they are going to push their agenda.

Again, stop listening to idiots on you-tube.
 

sdifox

No Lifer
Sep 30, 2005
81,992
7,961
126
So how many billionaires were in NYC to generate 300B of tax revenue for the city?
NYC sales tax is close to 9%. Property tax close to 1%. And thing with real estate is, if they sell, someone else buys it and the new owners pay the property tax.

Thus the claim is 3.3T of personal retail activity vanished from NYC.

That is a shit ton of Hermés bags.


Oh and NYC revenue for fiscal 2020 is about 94B.
 
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ch33zw1z

Lifer
Nov 4, 2004
30,955
9,741
146
I don't know if anyone has seen the argument James Altucher got into with Seinfeld. Basically, Seinfeld called James an idiot. James makes the point that NYC is going to pot because the wealthy are leaving, severe decrease in tax revenue, and a large group of essential workers are going to be cut. He seems to hate De Blasio as well. It is Fox Business, so they are going to push their agenda.

NYC will be just fine. Just like having 150 more cops retire this year than planned is NBD, but right wing media screams about it.
 
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Mai72

Lifer
Sep 12, 2012
10,197
936
126
Billionaires leaving NY?
Well, then its an easy question for you since its a a fairly small community of very well known people..
Name the billionaires leaving the state and who they sold their property\assets too.

Please put some effort into vetting your sources of entertainment before basing some discussion thread around it.
Well I looked up how many billionaires are in NYC. There are only 100.

TBH, I don't know any that have left NYC. I guess I was reacting to the heading. Instead of focusing on billionaires, we should put the focus on the millionaires. $1m or more. There are way more of these people, and my guess is many are leaving NYC. Why would Cuomo make the plea for those people to come back? His message wasn't directed at the middle class.
 

Mai72

Lifer
Sep 12, 2012
10,197
936
126
NYC will be just fine. Just like having 150 more cops retire this year than planned is NBD, but right wing media screams about it.
Yea, both conserative and liberal news outlets all skew the numbers. They don't state the actual truth, but embellish it.
 

MrSquished

Diamond Member
Jan 14, 2013
7,613
2,505
136
I don't know if anyone has seen the argument James Altucher got into with Seinfeld. Basically, Seinfeld called James an idiot. James makes the point that NYC is going to pot because the wealthy are leaving, severe decrease in tax revenue, and a large group of essential workers are going to be cut. He seems to hate De Blasio as well. It is Fox Business, so they are going to push their agenda.

Did you read James Altucher's blog post? It made the rounds on Facebook in the groups of New Yorkers considering leaving that's for sure. It's got a lot of garbage in it. He basically says that going forward everything is going to be remote, all the time, for literally everything. All schooling, jobs, even all entertainment. It's fucking asinine. He bases his argument on that humans, post Covid, will no longer want to congregate together for almost anything they used to before because they can do it on the internet now. He's an attention seeking troll.
 

K1052

Lifer
Aug 21, 2003
35,195
8,520
136
Well I looked up how many billionaires are in NYC. There are only 100.

TBH, I don't know any that have left NYC. I guess I was reacting to the heading. Instead of focusing on billionaires, we should put the focus on the millionaires. $1m or more. There are way more of these people, and my guess is many are leaving NYC. Why would Cuomo make the plea for those people to come back? His message wasn't directed at the middle class.
I imagine he does pretty well with donations from the ultra wealthy in NYC.

I'd probably avoid income taxes and go after the property instead.
 

K1052

Lifer
Aug 21, 2003
35,195
8,520
136
Did you read James Altucher's blog post? It made the rounds on Facebook in the groups of New Yorkers considering leaving that's for sure. It's got a lot of garbage in it. He basically says that going forward everything is going to be remote, all the time, for literally everything. All schooling, jobs, even all entertainment. It's fucking asinine. He bases his argument on that humans, post Covid, will no longer want to congregate together for almost anything they used to before because they can do it on the internet now. He's an attention seeking troll.
Lol I've seen a lot of these kind of takes. While I think remote work will be more accepted to some degree I think the opposite is going to be true of everything else.
 

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