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Cuomo proposal would raise top tax rate for New York City

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  • dennis
    replied
    No worries for the big blue cities. Pelosi and the gang are going to give them bail out money put up by the rest of us. That's why it matters to the rest of us what goes on in these liberal monetary sinkholes. The rest of the country is going to be propping them up so they can continue their profligate ways and bloating the pensions of their supporters.

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  • Eye3md
    replied
    Aren’t most of the Wall Street rich folks paid in such a way that they are taxed at the capital gains level, and not income tax? Pay themselves $200k and the rest of their pay is a distribution? I’d have to look it up but thought I’d read that previously, and it would explain why you never hear much complaining from the Wall Street folks about increased income tax rates in NY.

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  • Tim
    replied
    Originally posted by ENT Doc View Post

    Who do you think is next?
    $400k seems to be the popular number.
    What will be interesting to see is when working from home with what used to be long commutes and high taxes working in the city start pressing employers for zero commute and zero NYC tax. Office space savings too.
    It will take awhile.

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  • Jaqen Haghar MD
    replied
    The influx of now former downstate NY residents has pretty much supercharged our real estate market here. A lot of businesses are permanently relocating also. Manhattan looks shockingly desolate these days. It might be a one-sided look at things, but it certainly doesn’t look great right now for the near future of NYS/NYC. The city looks empty from the outside.

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  • uteomfs
    replied
    Originally posted by Random1 View Post
    The government has no intention of paying down debt, they just go along as it is and then devalue the dollar.
    States cant print money. They can only issue more bonds. If they can't meet the obligations, the credit rating sinks and eventually no one will buy the bonds and they will default. Big difference between Fed and State. Unless of course, the Fed bails the states out, which may happen.

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  • CordMcNally
    replied
    Originally posted by MPMD View Post
    it's amazing to me how fixated people are on these large cities where they do not live.
    I don't think anybody is necessarily fixated on any particular city. Part of a financial forum involves discussion of various fiscal policies. Lots of cities are in bad shape financially, red, blue, and purple. I'd be more than happy to talk about any of them.

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  • VentAlarm
    replied
    If you can’t balance a budget, you can’t balance a budget. People who earn 50k are confused by those who make 100k and are in debt. People who make 100k are confused by those who make 1M and are in debt. At some point, you can’t out-earn a spending problem.

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  • MPMD
    replied
    it's amazing to me how fixated people are on these large cities where they do not live.

    there's also this zombie idea that these cities are all collapsing b/c of their tax structures. they aren't. there is a normal influx of people in and out of large cities. some people leave citing taxes/crime, others move in for culture/diversity. last i checked basically every major city in america was growing.

    you can cherry pick one side of that normal influx/eflux and create a narrative that clearly makes you feel more on top of things i guess?

    no one lives in NY, SF, etc for the tax structure. there are all kinds of other benefits to living in a city. if your goal in life is to pay as little in taxes as you possibly can then NYC is not for you. but keep in mind that some of these geographic arbitrage centers of excellence might not even be places where some of our brothers and sisters can even walk down the street. being able to make decisions about where to live based on things like metro tax rates is a pretty lucky position to be in, a position that really wasn't available to, say, a openly gay man in the 80s or 90s. so as always, different strokes.

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  • White.Beard.Doc
    replied
    So yeah, I live in NY and I still work for a living. When you stop to think about it, I am probably some sort of weird outlier. I am a supersaver and a passionate, dedicated investor.

    I have been working multiple jobs since I was a teenager. I don't know, maybe it is some sort of addiction. In high school I started a landscaping business. In college I worked as a waiter and a bartender, in med school I worked on the adolescent psych unit and as a mental health counselor. Most of the time it was quiet and I could bring my books and study. As a resident and as a fellow I was often moonlighting. And as an attending, I always worked extra.

    All along the way, I was also a supersaver and an investor. I bought stocks, I maxed out all the 401k, 403b, 457b, tIRA, SEP-IRA, profit sharing plans and more. I invested in real estate. And then I continued to work extra and then every month I invested some part of those extra earnings.

    After decades of this ongoing strange behavior, I have amassed an 8-figure net worth. Yet I continue to work. Along the way, I founded and built multiple businesses from the ground up. Said businesses continue to employ many scores of highly compensated employees.

    This persistent weird behavior of mine has led me to this strange tax cliff in NY. When I arrive at that silly high income, I go over the NY state tax cliff where they claw back the benefits of the marginal rates so generously offered to those at lower levels of income. Beyond the cliff, the state marginal rate is 93.5% and the federal rate is 37%. Added together, the marginal income tax rate is 130.5%. I have the privilege of paying more than 100% for each extra dollar earned.

    I am no Elon Musk, but when the press recently asked him how he felt to be the richest man in the world. He responded, "How strange.... Oh well, got to get back to work." I think Mr. Cuomo may be trying to halt my strange behavior, but no matter how much he incentivizes me to stop, I cannot seem to help myself. Maybe my friends need to do some kind of intervention or something, I don't know.

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  • CordMcNally
    replied
    Originally posted by Dusn View Post
    But I’m not going to oppose taxes on individuals making >1-2 million, in order to create a buffer to protect myself from taxes.
    This is where you and I differ. Just because something may not directly affect me doesn't mean it isn't bad policy or won't have consequences later. There's too much 'me thinking' out there and that's what will make it difficult to continue to move forward. I care about how things affect me but I also care how things affect the country.

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  • Dusn
    replied
    Originally posted by Lordosis View Post
    The trouble with us saying I do not care how much they tax people making over 1 or 2 million is that there are many, many more people saying they do not care how much they tax people making over 100-200K.

    NY just like most big government has a spending problem. Giving it more money will not address the problem. It will probably make it worse.
    Like all things there has to be a balance. It depends on where you feel that balance should be. But I’m not going to oppose taxes on individuals making >1-2 million, in order to create a buffer to protect myself from taxes.

    It’s easy to say that the government should decrease the debt by cutting spending but neither party has demonstrated that they can do that. The options are higher taxes now, or greater debt and higher taxes later. Being able to push off the tax increases until they leave office (sort of like paying govt workers with unsustainable pensions) is actually what lets politicians be not accountable for their spending.

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  • ENT Doc
    replied
    Originally posted by JBME View Post

    I didn't see this in the story, but if it's true, it hardly even affects the people on this board. It's like the top half percent of the one percent
    Who do you think is next?

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  • Random1
    replied
    The government has no intention of paying down debt, they just go along as it is and then devalue the dollar.

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  • jhwkr542
    replied
    Wasn't Biden also going to get rid of the SALT deduction limitation? That had as big of an effect as anything for me, and my states aren't that high income tax.

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  • CordMcNally
    replied
    Originally posted by Nysoz View Post

    https://taxfoundation.org/joe-biden-tax-plan-2020/

    According to this, "Repeal the TCJA components for high-income filers". I do agree it'll be all smoke until we actually see things done
    I'm well aware of their report. I'm also well aware of how difficult these predictions are and how they don't (can't) account for unintended consequences.

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