The significant thing about this issue is not what will be done with the money; it is simply that the rich will be taxed, seemingly -to me - just taxed as revenge for having the money. As in the movie where the gunfighter wants to go after the man with the fastest reputation. TD
"On top of the crushing tax burden, New York’s strict rent controls, soaring energy costs from aggressive green mandates, and a mountain of red tape are only making things worse. Democrat policies are driving more people and businesses away and turning what should be a truly great economic engine into a slow-motion fiscal disaster with no end in sight."
"New York has spent years aggressively taxing its wealthiest residents in the name of fairness, and the results are now in. Suffice it to say, they’re not pretty.
"A new study released Monday by the Citizen Budget Commission (CBC) reveals the state’s share of America’s millionaires has dropped sharply since 2010, triggering a nearly $11 billion shortfall in tax revenue in a single year as high earners quietly packed up and left for lower-tax states.
"The analysis shows New York’s share of millionaires fell from 12.7% in 2010 to just 8.7% in 2022 — the steepest decline of any state in the country.
"As a direct result, personal income tax collections in 2022 alone were roughly $10.7 billion lower than they otherwise would have been if they had maintained their share of the wealthy folks. The study makes clear that the people leaving pay a disproportionately large share of state taxes, creating a painful hole in the budget that affects everything from public services to infrastructure funding.
"Economist Jared Walczak provides numbers that back up the notion.
“'In New York, the top 1% of earners pay about 45% of all state income taxes in any given year, so New York’s revenue is very reliant on high earners to stay in New York, and that has been a challenge in recent years,” he told the New York Post." . . . More...
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