He wants to be your President and he’s the communist/socialist/progressive mayor of New York City. Mayor Bill De Blasio has pushed New York City to the brink of bankruptcy. And what happens if they do go bankrupt? The rest of the country will have to bail them out.
It will be the first time since Mayor Abraham Beame ran the city more than 40 years ago.
Tax-fleeced businesses and individuals are fleeing the city and the state in large numbers. City public spending surges into the stratosphere, in no small part to the entitlement mentality De Blasio set up.
Adding to the budget, other threats include the tax burden placed on residents. New York has among the highest state and city taxes in the country. By some measures, they are the largest of any American city.
THE TOP 1% PAY HALF THE TAXES
Finally, as part of the formula that could wreck New York’s finances, the top 1% of the city’s wealthy based on earnings are half the city’s tax base. New York City’s Independent Budget Office confirmed these numbers recently.
Next, New York City’s property taxes continue to rise. This puts pressure on both businesses and individuals. This is another incentive for both the wealthy and companies to leave the city for less tax-burdened locations. Added to that, New York State is among those where people have the highest sales taxes.
New York State is in trouble too. Andrew Cuomo has been whining about all the people fleeing the state, but he can’t connect the dots to the leftist policies.
If there is any kind of significant financial setback, they will not be able to survive it. Long-term debt is more than 81,000 per household and the new budget ramps it up more.
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“The city is running a deficit and could be in a real difficult spot if we had a recession, or a further flight of individuals because of tax reform,” said Milton Ezrati, chief economist of Vested.
The argument that New York is in profound trouble was laid out recently in the New York Post. Peter C. Earle, an economist at the American Institute for Economic Research, was quoted: “New York City could go bankrupt, absolutely.” Several things would need to happen at once, and some of them already have begun. Among other things, New York State is one of the states where Americans pay the most taxes, 24/7 Wall St reports.
The leftist state officials blame it on President Trump for not having the rest of the country subsidize real estate taxes by allowing deductions. The fact is this makes clear how high the taxes are when the rest of the country isn’t subsidizing them with their taxes.
On top of that, consider the regulatory burden on businesses and landlords — it’s astronomical. The welfare state he set up is out of control.
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