The canary in the proverbial coal mine:
RUSH: Mayor Bloomberg, state and city revenues in New York are falling because of the Wall Street collapse. State lawmakers are considering income tax increases for households earning between $250,000 and $1 million. They already pay a 6.85% income tax rate. Mayor Bloomberg, who as recently as six months ago would have supported this, had something different to say about it recently on the radio. It’s sound bite number 11.
BLOOMBERG: One percent of the people that live in the city, the households that file in the city pay something like 50% of the taxes. In a city that’s about 40,000 people so, you know, a handful left, any raise would make it revenue neutral. The question is, “What’s fair?” If one percent are paying 50% of the taxes, you want to make it even more? A little over half the people, half the households who file tax returns don’t pay any taxes. And about 30% of the households that file get a credit from the government. The government sends them a check. That’s the Earned Income Tax Credit.
New Yorkers are fleeing the state and city in alarming numbers — and costing a fortune in lost tax dollars, a new study shows.
More than 1.5 million state residents left for other parts of the United States from 2000 to 2008, according to the report from the Empire Center for New York State Policy. It was the biggest out-of-state migration in the country.
The vast majority of the migrants, 1.1 million, were former residents of New York City — meaning one out of seven city taxpayers moved out.
I’m sorry, Mayor Bloomberg, but Mr. Galt has moved out of the city… and shifted his office elsewhere, too. Something about lower taxes, in Wyoming or some place like that.
NYC and ANY business in California.. I don’t see how they stay in business in either…
One thing about NYC, it would really make that great Escape from New York prison…
And if we could get an Adrienne Barbeau picture up here, this would be perfect! 🙂
AJ & TF: Fornicalia STILL doesn’t “get it” and won’t in the foreseeable future. It is STILL hell-bent on KILLING the producers, makers, doers, builders. Because, of course, making money is EVIL.
E-VIL!
BZ
While living in FL I knew many people who had left NYC and moved south to avoid the high taxes and apparently things are getting worse in the Big Apple. I was aware of the 1% thing with about 40,000 paying half of the taxes. When these folks are taxes out who then will pick up the tab. Those who are in the lower income groups will be targeted by politicans eagar to get their hands on more money to pay for programs they hope will get them more support in the next election cycle.
I’d love to see the upcoming 2010 census statistics on outmigration from New York City along with the differentials for wealth, which is always a part of the census data. I’m willing to bet Mayor Bloomberg already has the stats, or at least a rough facsimile thereof, in front of him.
This is where we’re headed America. In our next fiscal year the Congress will choose to raise taxes on the wealthy once again (I almost wrote “will have no choice but to raise taxes” but that would not be honest of me, would it?) leading us to the prospect of capital outflight from the U.S. Would anyone care to guess the implications of this?
Forgive me for not answering my last question but I just ate and my bottle of Rolaids is a little low.
JS: you’d be, of course, excused. The amount of Rolaids in a given area is, of course, limited in terms of distribution. Yes?
BZ
NY State wants to grab anything they can get to tax. Plus some counties ask for a ‘temporary’ additional amount to the sales tax which, somehow, never goes away. Then property taxes go up. I remember hearing that the State wanted to tax internet connections, this back in the days of dial-up, as an ‘entertainment tax’. If you move out of the State as a retiree, they *still* try to tax your benefits even *after* you leave and no longer live there.
The Erie Canal tax base spoiled the politicians rotten and they have not given up the idea that they should have loads of money coming in at all times. Thus the thruway is a toll road.
NYC is the worst of the State and if there could be a division of the State between the part around New York City and anything north of it becoming ‘Upper York’ you would see a change in the entire state outlook because the rural and small city and town tax base cannot keep up the bureaucracy that the tax base of NYC allows. Now the Mayor of NYC wants to tax the hell out of ‘the rich’ who will then leave for lesser tax regions. Sometimes taking their businesses with them.
NY State is de-industrialized and now is becoming anti-business. Just like CA, MA, MI. I expect the next census to see growth in TX, NV, CO and some mid-atlantic states as FL starts to tax retirees more. People are moving to where they can work and not be taxed to death. Too bad Congress wants to make that nation-wide.
Don’t you love the spin “migrants?” Great report BZ.
I am glad people are leaving New York because of taxes. What do the idiots expect. Forgot, Liberals keep the blind fold on.
Can you believe that CNN still thinks they are ‘objective’?? LOL!! Great article on the news ratings..Liberals will never take the blinders off, even when it slaps them in the face and pocket book.