New York City residents are fleeing. In fact, they’re leaving the state itself as the threat of crime and higher taxes loom large. To replace New York City revenue, they likely won’t open restaurants or cut services to the homeless and people here illegally who they have invited into the state, but what they will do is seize assets with a wealth tax.
One assembly member Ron Kim, who represents part of Queens, is talking about a confiscatory 120% tax to punish wealthy residents who try to escape.
He wrote on Twitter:
90% of NY: Tax the damn rich
Cuomo: Well, I think it’s unconstitutional and what if they leave us and won’t finance my political future?
Me: Then let’s raise their rates to 120% to confiscate their wealth & put them in debt before they leave us
90% of NY: Tax the damn rich
Cuomo: Well, I think it’s unconstitutional and what if they leave us and won’t finance my political future?
Me: Then let’s raise their rates to 120% to confiscate their wealth & put them in debt before they leave us https://t.co/ty7OHcdzJu
— Ron T. Kim (@rontkim) September 7, 2020
The far-left NY times reports that a growing number of Democrats are pushing the governor to tax the rich. The Times is supportive of anything progressive.
The Democrats are actually talking about taxing the unrealized capital gains, or the appreciation of assets not yet sold of billionaires.
They want to pass it immediately so billionaires don’t have time to move.
Currently, the top 2 percent of the state’s highest earners pay about half of the state’s income taxes.
When the rich leave, the tax collectors will come after everyone who is earning a living.
Governor Andrew Cuomo knows this will be a disaster for New York but he’s being pushed to do it by the communist contingent of his party, not that he is much better.
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Have to say though, if 2% pay 50% of the state’s income tax then government policies created that disparity in the first place. Which in turn created anger among “common folk”. Way, way too many rules and regulations which prevent people from succeeding, i.e. making money and creating their own wealth.
Hey Bezos are you listenig? You can build an amazon place anywhere you want in N.Y., everybody moved. Land is cheap. Since the rich have left, you can pay everyone minimum wage….there are no jobs. How soon will it be before Wall street decides to boogie elsewhere??
Turn NY into a wasteland of poverty and the Elites.