Trish: ‘Tax the Rich!’ Proposals Gaining Steam as NYC Economy Struggles

One of the highest tax cities in the world is about to charge its residents even MORE–all for the great privilege of living in what has increasingly become a garbage-ridden, high-crime destination… a place where people now line-up for U-Hauls in a desperate effort to escape.

The exodus, the crime, the filth…none of this seems to deter the city’s socialist mayor, Bill de Blasio, from his ultimate goal of turning New York City into a socialist utopia. The mayor recently pleaded with listeners while appearing on a WNYC program called “The Brian Lehrer” show saying, “Help me tax the wealthy. Help me redistribute wealth. Help me build affordable housing in white communities if you want desegregationwhat changes things is redistribution of wealth. Tax the wealthy at a much higher level.”

And, indeed, he may just get his wish.

New York Considers Higher Taxes to Stem Budget Shortfall

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New York Governor Andrew Cuomo, who had previously tried to discourage deBlasio’s high-tax mantra, arguing it would drive away too many high-income New Yorkers, seems to be reconsidering. Struggling to meet state budget requirements, including an $8 billion gap which is expected to grow larger as more people flee the region, Governor Cuomo now says taxing the rich might be the only option.

In a recent press briefing, the Governor said, “We have a deficit. We don’t just have an economic deficit – we have a combination of factors that are hurting New York City.”

As such, the best option according to Cuomo, is to have the federal government provide relief. But, realistically under a President Trump…that scenario is wishful thinking. By refusing to allow residents of high tax states (most often blue states) to deduct their state and local income taxes from their federal bills, the President has put the onus on states like New York to be fiscally more astute or…face the consequences.

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New York, it seems, will face the consequences.

For years now, the state has been over-taxing and over-spending, and thus, enforcing any kind of financial discipline at this late hour becomes especially challenging. New York’s lawmakers say they can’t do it… but, then again, they haven’t really tried.

And, at a time when the NYC’s highest earners already pay 43 percent of the city’s and 53% of the state’s income taxes, losing New Yorkers to low tax states like Florida, Texas, Nevada, and New Hampshire will further erode tax revenue. The city has lost as many as 500,000 residents since the start of the pandemic.

But, the lawmakers STILL DON’T GET IT. Instead of cutting programs and diverting funds to the areas most in need (crime management, waste removal, etc) the Governor has continued to put forward fool-hardy, high-cost proposals including including placing 4000 New York City cops on “restaurant detail” to help ensure that NYC restaurants owners are fully adhering to the government’s coronavirus guidelines as they reopen.

The problem with higher taxes and the exodus it will cause is quite obvious; if people don’t need to work in New York, if schools are shut down, if crime is an ongoing and escalating issue (homicide rates, for example, have skyrocketed) then, why, why, why live in New York City, the place from which New York state derives the bulk of its tax revenue? Especially when it will cost you MORE to live there. The short answer is–you won’t. Most businesses have enabled their employees to work from home and although some, including the investment bank JP Morgan are asking workers to return to the trading floors (assuming no childcare or healthcare issues)…the majority have found creative ways to enable safe and productive work-from-home strategies…leaving New York City’s office building desolate.

Higher Taxes Will Ruin New York

As such, increasing taxes at a time like this is just a bad idea. Instead, New York, California, New Jersey and other high tax states need to GET WITH THE PROGRAM. Create safe, prosperous communities that people WANT to live in. Americans are willing to pay taxes, but they need to get some “bang for their buck” in return.

It may be too late in New York, however. Cuomo is acknowledging, for the first time since the crisis began, that raising taxes on the wealthy might need to be part of the solution. “You’d need additional revenues. You’d need cuts. And you’d need potential borrowing,” he said. The money has got to come from somewhere.

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Trish Reganhttps://trishintel.com
Trish Regan is an award winning financial journalist, an American television talk show host and author who interprets political events through an economic lens.

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