Report: New York and California Implements 50% Top Tax Rate on Wealthy

[UpAndComing]

Housing prices are rising up fast in areas that are within 30 miles of NYC already. Them NYC'ers are already leaving New York as can be seen in Northern Jersey.

NYC Suburbs Continue to Boom As Home Sales Soar



NYC's quality of living is going down and taxes are going up, so they're already jumping ship. Tackle on the increasing amount of EDP's(Emotionally Disturbed Persons) who are impacting quality of life, increasing onerous regulations and fees to do ANYTHING, and the rising crime rate - it's not a shocker they're leaving. Add on teleworking and offices realizing they don't have to pay for huge offices, and this isn't looking good for NYC.

Yupp exactly. This new Tax rate does nothing to the wealthy because they already have the ability to jump ship. The ones who suffer are the ones who can't just up and leave easily and have long roots in the area... Which are the Middle Class

 

[RARI_Godwind]

Let me introduce y’all to the wonderful phenomenon of carrying capacity and K curves

The theory states there’s only so much a certain population can grow to in number within a certain environment.

1. There is no other city like NYC, that has an immense carrying capacity for all social classes.
2. If people, particularly from NYC, try to set up shop elsewhere for the lives that they’re use to, they’re in for many rude awakenings
3. A combination of 1 and 2, not saying there’s thaaat many Millionaires, but there’s simply not enough places for them to go, want to go, or be welcomed to be.

It may lead to some interesting literal and figurative developments, but it would be a larger undertaking to restructure somewhere outside of NYC to carry an NYC feel than to stay and pay taxes.

 

[UpAndComing]

If that's the case, then wouldn't they have already been doing that?

Yeah they were the first to go when Corona hit. Only a little moved back, but when this new Tax Rate comes in they all gonna bounce. People think that marginal tax rate will only affect the rich, yeah right

Middle Class people who are making 90k in NYC who are in those Unions or City Workers are already getting taxed for 40% on their income combined with a high cost of living. If that Tax Rate law passes, it will only get worse for them

 

[Actually6Foot3]

Honestly these governments make enough money. They need to stop wasting the shyt they already get.

 

[Nymbus]

will they even pay it tho

 

[Batsute]

if you used to living in the bay or LA or NYC you not moving to texas.


besides the couple MAGAs who already have.

so don't give me Rogan or any other angry trump worshipping tech bro as an example.

Breh many a Big Firms have escaped to Plano/Dallas/Ft. Worth or have a second HQ there. Houston has strong universities, medical, and utilities industries as well. Then you have Austin for innovation, and entrepreneurship.

Keep in mind real estate prices are low, no state tax, and favorable to corps. All my houston fam/friends are bytching because so many from the coast are relocating.

 

[wastedmermaid]

The dumb ass politicians act like rich people can’t leave the state so they don’t have to pay taxes at all

Yup, if I was rich and got hit with notifications of a 50% tax rate, I’d tell Cali/nyc to go eat a dikk as I move to a neighboring state

 

[RARI_Godwind]

If it does hit the middle class working professionals it will probably energize them to push for permanent remote positions

 

[Ciggavelli]

Sometimes I hate Texas. But for situations like this, Texas isn’t that bad of a place to live

 

[ViShawn]

lol they're just going to move to Texas like they been doing

 

[TheBigBopper]

Fork over the majority of your income to live in New York and California, brehs

 

[Thurgood Thurston III]

Sometimes I hate Texas. But for situations like this, Texas isn’t that bad of a place to live

Damn, you make over a million a year?

 

[Ciggavelli]

Damn, you make over a million a year?

I wish.

Taxes are still cheaper for us in TX though, pretty much across the board

 

[Atlrocafella]

All that NY money will continue to flow to the south.

 

[ViShawn]

I wish.

Taxes are still cheaper for us in TX though, pretty much across the board

We get hit with a hard property tax though.