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New York City loses hundreds of billions in wealth as rich residents skip town
rangerrebew:
Published 16 hours ago
New York City loses hundreds of billions in wealth as rich residents skip town
Many rich residents fled to the suburbs or vacation homes to escape the city
By Brittany De Lea FOXBusiness
New York hesitant to raise taxes fearing continued exodus of residents to low tax states: Gasparino
Sources tell FOX Business’ Charlie Gasparino that state and local governments are facing budget deficits amid the coronavirus pandemic and hoping for federal money to fill holes.
New York City’s total wealth has fallen by billions of dollars over the past year – amid a severe coronavirus outbreak that has driven the richest residents out of town.
According to a report from New World Wealth and Webster Pacific, the combined wealth in the Big Apple fell by $336 billion in the 12 months ending June 30.
New York City’s total wealth was valued at $2.66 trillion, compared with $3 trillion during the same period last year.
https://www.foxbusiness.com/lifestyle/new-york-city-wealth-decline-rich-skip-town
rangerrebew:
Another liberal fail. Cuomo had to be aware the wealthy were leaving NYC. None loved the so much they would stick around forever. Does he think they like the idea of prisoners being released to the city so they could empty Rikers island, a mayor who approves of rioters burning property, a mayor who is in a chronic fight with the police, who has defunded the police already, who tries to do more for illegal immigrants than Americans, etc. :thud:
PeteS in CA:
The exodus of wealth has been going on for several years. The flip side of this is that NY's (and other states') zeal to pass screw-the-rich taxes also made NY, et al, significantly dependent on "the rich" to fund their states' budgets.
Hoodat:
--- Quote from: PeteS in CA on August 06, 2020, 04:37:29 pm ---The exodus of wealth has been going on for several years. The flip side of this is that NY's (and other states') zeal to pass screw-the-rich taxes also made NY, et al, significantly dependent on "the rich" to fund their states' budgets.
--- End quote ---
They will now have to re-define who 'the rich' are. Top tax rates that were once reserved for those making $1 million or more will now be applied to those making $100,000 or more.
Cyber Liberty:
Can the "wealthy" resist Andrew Cuomo's kind offer to cook them a nice dinner with wine?
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