Business leaders warn NYC Mayor Zohran Mamdani's proposal to scale back a key tax credit could hurt small businesses and drive companies out of the city.
Billionaire CEO warns middle-income professionals and small business owners could leave the city
“More than 125,000 New Yorkers have fled to Florida in just the past few years, carrying nearly $14 billion worth of income with them” wouldn’t this mean that on average these New Yorkers earned about 110k? So not really an example of millionaires fleeing the state.
Unless the infrastructure is rapidly improved, the housing crisis is swiftly solved, or taxes are lowered, I don’t think anyone has the power to stop that from happening.
Good news! He isn’t raising taxes on the working class, he is working on infrastructure (filling a thousand pot holes in a day for example), and his tax on second homes will help with housing! You should be elated!
Ain’t nothing ulterior about it! The ultra-rich will leave if Mamdani keeps trying to squeeze them for cash, but probably don’t want to.
Do you have data to support this theory about billionaires leaving states because of taxes or is it based on emotions?
Yes on the former. I will leave the latter to you.
“More than 125,000 New Yorkers have fled to Florida in just the past few years, carrying nearly $14 billion worth of income with them” wouldn’t this mean that on average these New Yorkers earned about 110k? So not really an example of millionaires fleeing the state.
Do you have to make a million dollars in annual income to be a millionaire?
Good point! Income is also not the primary revenue stream of the ultra rich.
“Billionaire CEO warns middle-income professionals and small business owners could leave the city”
I’m talking about the threat that people other than the ultra wealthy would leave
Unless the infrastructure is rapidly improved, the housing crisis is swiftly solved, or taxes are lowered, I don’t think anyone has the power to stop that from happening.
Good news! He isn’t raising taxes on the working class, he is working on infrastructure (filling a thousand pot holes in a day for example), and his tax on second homes will help with housing! You should be elated!
I am happy about the infrastructure plans, although I do not believe that his plans to fix housing will work.